<SEC-DOCUMENT>0001292814-16-006625.txt : 20161114
<SEC-HEADER>0001292814-16-006625.hdr.sgml : 20161111
<ACCEPTANCE-DATETIME>20161114140242
ACCESSION NUMBER:		0001292814-16-006625
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20161114
DATE AS OF CHANGE:		20161114

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		161993502

	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/A
<SEQUENCE>1
<FILENAME>siddf2015_6ka.htm
<DESCRIPTION>DFP - ANNUAL FINANCIAL STATEMENTS - DECEMBER 31, 2015
<TEXT>

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

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

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

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

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of November, 2016</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>

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

<DIV align=center></DIV>

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

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

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

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

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

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

<P></P>

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

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

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

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   <P><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Table of Contents</FONT></B></H1>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company Information</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital Breakdown</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash distribution</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Balance Sheet &#8211; Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Balance Sheet &#8211; Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Comprehensive Income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2015 to 12/31/2015</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>8</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2014 to 12/31/2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>9</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Value Added</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>9</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Balance Sheet &#8211; Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>10</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Balance Sheet &#8211; Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>11</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>12</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Comprehensive Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>13</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>14</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2015 to 12/31/2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>16</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2014 to 12/31/2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>17</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Value Added</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>18</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Comments on the Company&#8217;s Consolidated Performance</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>19</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Reports and Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Unqualified Independent Auditors&#8217; Review Report </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>11<FONT style="FONT-SIZE: 10pt" face=Arial>6</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Opnion of the Supervisory Board or Equivalent Body </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>11<FONT style="FONT-SIZE: 10pt" face=Arial>8</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Diretors on the Financial Statements </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>19</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statement of Diretors on Auditors&#8217; Report </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12<FONT style="FONT-SIZE: 10pt" face=Arial>0</FONT></FONT></P></TD></TR></TABLE></DIV>

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

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   <P><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company Information / Capital Breakdown</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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



<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Number of Shares</FONT></B></FONT></P>

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(Units)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Quarter</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Paid-in Capital</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Common</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,387,524,047 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Preferred</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,387,524,047 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Treasury Shares</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Common</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30,391,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="35%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 6pt 0in 3pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Preferred</FONT></B></FONT></P></TD>

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   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Meeting of Board of Directors</FONT></FONT></P></TD>

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   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

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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="43%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>&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" width="18%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,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" width="22%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; 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; LINE-HEIGHT: 106%" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></I></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></I></B></P></TD>

   <TD style="HEIGHT: 25.5pt; 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Year 12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>First prior year<BR>12/31/2014</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Second prior year 12/31/2013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Total assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>45,605,526</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>49,599,467</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,842,440</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,692,821</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,885,199</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,146,393</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01.02</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial investments</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>763,599</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01.02.02</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial investments measured at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>763,599</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,467,523</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,604,498</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,850,744</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,036,799</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>875,375</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>905,131</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>36,763,086</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>40,906,646</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Long-term receivables</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,510,431</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,509,307</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,228,961</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,438,929</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,281,470</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,070,378</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>23,323,565</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24,199,129</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,866,348</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13,109,294</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>62,742</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>88,916</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>

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

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

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   <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

   <TD width="50%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>

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

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



<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="64%" colSpan=3 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company Statements / Balance Sheet &#8211; Liabilities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD></TR>

<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="50%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&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" width="16%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></I></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></I></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Year<BR>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>First prior year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Second prior year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2013</FONT></B></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Total liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>45,605,526</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>49,599,467</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,272,372</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,630,365</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>141,496</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>165,718</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>742,364</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>919,632</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,814</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>86,920</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,879,073</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,190,914</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>411,699</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>803,597</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>91,926</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>463,584</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>91,926</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>463,584</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>33,668,407</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>38,272,634</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>31,109,017</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>26,369,912</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>126,450</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>9,818,512</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,432,940</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,084,210</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>564,372</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>174,649</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,868,568</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,909,561</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for environmental liabilities and decommissioning of assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>259,115</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>233,262</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Pension and healthcare plan</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>514,367</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>587,740</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for losses on investments</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,095,086</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,088,559</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated Shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,664,747</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,696,468</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Issued capital</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,464,701</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>442,531</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>361,641</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Statutory reserve</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,151,920</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>999,243</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings reserves to realize</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>109,226</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

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

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.09</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-238,976</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-229,586</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>660,016</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>25,140</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.4pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>

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

<a name="_bclFooter5"></a><DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>4</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<TABLE width="100%" border=0>

  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 16.3pt">
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%" colSpan=3 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company Statements /
      Statements of Income </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="17%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16.3pt">
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="49%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="17%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 24.85pt">
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 24.85pt; 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Year
      </FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2015 to
      12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>First Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2014 to
      12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 24.85pt; 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Second Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2013 to
      12/31/2013</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net revenue from sales
      and/or services</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>11,718,369</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13,165,514</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cost of sales and/or
      services </FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,137,528</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-9,159,454</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.03</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gross profit</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,580,841</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,006,060</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating
      expenses/income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,518,263</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-205,248</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Selling
    expenses</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-683,516</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-455,525</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>General and administrative
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-374,253</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-359,959</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.04</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other operating
      income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>416,830</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>52,365</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.05</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other operating
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,169,567</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-540,372</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.06</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity in income of
      affiliates</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6,328,769</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,098,243</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 14pt">
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.05</FONT></P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit before finance income
      (costs) and taxes</FONT></P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,099,104</FONT></P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,800,812</FONT></P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance income
      (costs)</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-6,041,223</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-4,498,072</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>914,350</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>300,552</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-6,955,573</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-4,798,624</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net exchange difference on
      financial instruments</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,931,250</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,309,963</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,024,323</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,488,661</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.07</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) before taxes
      on income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,057,881</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-697,260</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.08</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution </FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>559,912</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>592,042</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.09</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) from
      continuing operations </FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,617,793</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.11</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) for the
      year</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,617,793</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings per share -
      (R$/share)</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basic earnings per
      share</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Common shares</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,19205</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-0,07443</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Diluted earnings per
      share</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.05in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Common shares</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,19205</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-0,07443</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<a name="_bclFooter6"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>5</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>&nbsp;</P>
<TABLE width="100%" border=0>

  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 16.6pt">
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="84%" colSpan=6 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company Statements /
      Statement of Comprehensive Income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="4%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16.6pt">
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="59%" colSpan=3 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="4%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 25.25pt">
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Year
      </FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2015 to
      12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>First Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2014 to
      12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Second Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2013 to
      12/31/2013</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.01</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit for the
      year</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,617,793</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive
      income</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-949,903</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-691,832</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.01</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial (losses) gains on
      defined benefit plan from investments in subsidiaries</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-722</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,243</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.02</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial gains (losses) on
      defined benefit pension plan</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>93,663</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-95,208</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.03</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on actuarial (losses) gains on defined benefit pension
      plan</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-118</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>32,371</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.04</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cumulative translation
      adjustments for the year</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>530,540</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>28,227</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.05</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Available-for-sale
      assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-938,160</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-971,251</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.06</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>163,442</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>330,225</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.07</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Available-for-sale assets
      from investments in subsidiaries</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-20,817</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,347</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.08</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Impairment of
      available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>555,298</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>199,372</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.09</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on impairment of available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-33,269</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-67,786</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.10</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gain (loss) on percentage
      change in investments</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,980</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-73,754</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.11</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Loss on cash flow hedge
      accounting </FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,399,457</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-120,633</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.12</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on gain on cash flow hedge accounting</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>117,865</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>41,015</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.13</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Loss on net investment hedge
      on subsidiaries</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-20,148</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.03</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Comprehensive income for the
      year</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>667,890</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-797,050</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>6</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
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<TABLE width="100%" border=0>

  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>
<a name="_bclHeader8"></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="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%" colSpan=4 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Parent Company Statements /
      Statement of Cash Flows &#8211; Indirect Method</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="15%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></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" width="54%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(R$
    thousand)</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="15%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 36.75pt">
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Year </FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1/1/2015 to 12/31/2015</FONT></B></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>First Prior Year</FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1/1/2014 to 12/31/2014</FONT></B></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Second Prior Year</FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1/1/2013 to 12/31/2013</FONT></B></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net cash generated by
      operating activities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,277,089</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>448,416</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash generated from
      operations</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,964,641</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,088,199</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) for the
      year</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,617,793</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Charges on borrowings and
      financing</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,852,609</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,229,036</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Charges on loans and
      financing granted</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-26,073</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-14,102</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.04</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation, depletion and
      amortization</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>863,741</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,023,612</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity in income (losses) of
      affiliates</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-6,328,769</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,098,243</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.06</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Deferred income tax and
      social contribution</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-557,443</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-622,512</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.07</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for tax, social
      security, labor, civil and environmental risks</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>37,228</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-4,711</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.08</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inflation adjustment and
      exchange differences, net</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,875,358</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,427,714</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.09</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gain on derivative
      transactions</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>943</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.10</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Impairment of
      available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>555,298</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>199,372</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.11</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Residual value of permanent
      assets written off</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,990</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13,474</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.13</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for actuarial
      liabilities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,499</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7,199</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.16</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other
    provisions</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>69,410</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>31,635</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in assets and
      liabilities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-687,552</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,639,783</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables - third
      parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>149,439</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-34,340</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables - related
      parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,235,843</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-600,943</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-265,868</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-550,219</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.04</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Receivables - related
      parties / Dividends</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,309,886</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>344,203</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Recoverable
    taxes</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-456,924</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-60,005</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.06</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Judicial
    deposits</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-16,622</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>209,098</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.09</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade payables</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>303,316</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-326,714</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.10</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and related
      taxes</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>129,147</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,689</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.11</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes in installments -
      REFIS</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-82,025</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-487,532</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.13</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payables to related
      parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>85,163</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>230,667</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.15</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest paid</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,663,272</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,428,013</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.17</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest on swaps
      paid</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,279</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.18</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest
    received</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>651</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>13,609</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.19</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>55,400</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>49,996</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net cash used in investing
      activities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-4,319,281</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,407,716</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments / Advances for
      future capital increase</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,762,754</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-99,927</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Purchase of property, plant
      and equipment</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,413,091</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,596,050</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash from acquisition of
      subsidiaries</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>129,745</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capital reduction in
      subsidiary</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>486,758</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,120,344</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.10</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intercompany loans
      granted</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-61,217</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-40,973</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.11</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intercompany loans
      received</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,546</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>168,340</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.12</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Exclusive
funds</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>59,331</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-144,018</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.13</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial Investments, net
      of redemption</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-763,599</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net cash used in financing
      activities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-230,272</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,083,505</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing,
      net of transaction cost</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>367,879</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,628,729</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing -
      related parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,725,595</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,763,015</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Amortization of principal on
      borrowings and financing</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-974,049</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,184,657</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.04</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Amortization of principal on
      borrowings and financing - related parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-568,872</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-154,115</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payments of dividends and
      interests on shareholder&#180;s equity</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-549,835</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-424,939</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.06</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Forfaiting capitalization /
      drawee Risk</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>924,706</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>641,430</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.07</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Forfaiting amortization /
      drawee Risk</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,146,306</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-276,754</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.08</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Treasury
shares</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-909,204</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.04</FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,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 width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Exchange differences on
      translating cash and cash equivalents</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>11,270</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>132</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Decrease increase in cash
      and cash equivalents</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,261,194</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,939,769</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.05.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash and equivalents at the
      beginning of the year</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,146,393</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>206,624</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.05.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash and equivalents at the
      end of the year</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,885,199</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,146,393</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>
<a name="_bclFooter8"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>7</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader9"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<TABLE width="100%" border=0>

  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <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="98%" colSpan=12 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Parent Company Statements /
      Statement of Changes in Shareholders&#180; Equity - 1/1/2015 to
      12/31/2015</FONT></B></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <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="44%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=3 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 40pt">
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Paid-in
      capital</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Capital reserve,
      granted options and treasury shares</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings
      reserves</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Retained earnings
      or accumulated losses</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other
      comprehensive income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Shareholders&#8217;
      equity</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.01</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Opening
      balances</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,540,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>30</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,131,298</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>25,140</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5,696,468</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.03</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Adjusted opening
      balances</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,540,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>30</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,131,298</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>25,140</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5,696,468</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.04</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Capital transactions with
      shareholders</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-284,390</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-284,390</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.04.04</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Treasury shares
      acquired</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-9,390</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-9,390</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.04.06</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Dividends</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-275,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-275,000</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total comprehensive
      income</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,617,793</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>634,876</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,252,669</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.01</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit for the
      year</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,617,793</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,617,793</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other comprehensive
      income</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>634,876</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>634,876</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02.04</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Translation adjustments for
      the year</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>530,540</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>530,540</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02.06</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Actuarial gains on defined
      benefit pension plan, net of taxes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>92,823</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>92,823</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02.07</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Available-for-sale assets,
      net of taxes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-273,506</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-273,506</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02.08</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Gain on percentage change in
      investments</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,980</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,980</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02.09</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Loss on Cash Flow Hedge
      Accounting, net of taxes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,281,592</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,281,592</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 14.6pt">
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02.10</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Loss on net investment hedge
      accounting</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-20,148</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-20,148</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.05.02.11</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Gain on business
      combination</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,584,779</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,584,779</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.06</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Internal changes in
      shareholders' equity</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,617,793</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,617,793</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.06.01</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings
      reserves</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,617,793</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,617,793</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 3.7pt">
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5.07</FONT></FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Closing
      balances</FONT></FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,540,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>30</FONT></FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,464,701</FONT></FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>660,016</FONT></FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7,664,747</FONT></FONT></P></TD></TR>
  <TR>
    <TD width="8%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
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    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>

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   <P><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

   <TD width="50%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>

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<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="98%" colSpan=12 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Statements / Statement of Changes in Shareholders&#180; Equity - 1/1/2014 to 12/31/2014</FONT></B></FONT></P></TD>

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

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

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

<TR style="HEIGHT: 40pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Paid-in capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital reserve, granted options and treasury shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings reserves</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" width="11%" colSpan=3>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Retained earnings or accumulated losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" width="13%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" width="10%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,839,568</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>716,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,096,570</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,839,568</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>716,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,096,570</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital transactions with shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,609,204</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,609,204</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury shares acquired</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-909,204</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-909,204</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-700,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-700,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cancelation of treasury shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>679,618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>679,618</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cancelation of treasury shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-679,618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-679,618</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-99,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-691,832</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-790,898</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-105,218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-105,218</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6,152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-691,832</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-685,680</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Translation adjustments for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>28,227</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>28,227</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Actuarial losses on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-54,442</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-54,442</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Actuarial gain recycled to retained earnings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6,152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-6,152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

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

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Available-for-sale assets, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-506,093</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-506,093</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Loss on percentage change in investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-73,754</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-73,754</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Losson hedge accounting, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-79,618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-79,618</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Internal changes in shareholders' equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-99,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>99,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

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

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.06.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Reversal of statutory working capital reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-99,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>99,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

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

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Closing balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>25,140</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,696,468</FONT></P></TD></TR>

<TR>

   <TD width="8%">&nbsp;</TD>

   <TD width="30%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

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

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

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

   <TD width="8%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD></TR></TABLE></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="2%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="70%" colSpan=6 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Statements / Statement of Value Added </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="16%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="12%">

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

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="2%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="55%" colSpan=4 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="15%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="16%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="12%">

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

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="2%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="42%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="15%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="16%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="12%">

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

<TR style="HEIGHT: 24pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" rowSpan=2 width="13%" colSpan=2>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" rowSpan=2 width="38%" colSpan=2>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="17%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current Year </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="18%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>First Prior Year</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Second Prior Year</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="17%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>1/1/2015 to 12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="18%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>1/1/2014 to 12/31/2014</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>1/1/2013 to 12/31/2013</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>14,141,702</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>15,869,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Sales of products and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>13,869,552</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>15,824,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>293,934</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>49,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Allowance for (reversal of) doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-21,784</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-5,018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Raw materials acquired from third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-10,512,997</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-9,698,101</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-8,152,169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-8,279,828</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 20.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Materials, electric power, outside services and other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,816,802</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,213,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Impairment/recovery of assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>11,272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-5,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-555,298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-199,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-555,298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-199,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Gross value added</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,628,705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>6,171,419</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-863,741</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,023,612</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-863,741</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,023,612</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Wealth created</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,764,964</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,147,807</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Value added received as transfer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,354,632</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,627,624</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity in income of affiliates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>6,328,769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,098,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>914,350</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>300,552</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,111,513</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>228,829</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other and exchange gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,111,513</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>228,829</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Wealth for distribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>11,119,596</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>6,775,431</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 7.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Wealth distributed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>11,119,596</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>6,775,431</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Personnel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,450,801</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,288,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Salaries and wages</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,115,124</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,003,180</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>262,697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>213,521</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Severance pay fund (FGTS) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>72,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>72,151</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Taxes, fees and contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-10,529</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>575,198</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-143,376</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>417,447</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>122,819</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>135,477</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>10,028</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>22,274</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Remuneration on third-party capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,061,531</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,016,599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,022,861</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,487,867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>9,893</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>9,708</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,028,777</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,519,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Exchange losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,028,777</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,519,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Remuneration on Shareholders capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-105,218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-105,218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

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

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

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   <P><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

   <TD width="50%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>

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

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<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="80%" colSpan=4 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="47%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="34%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Code</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Description</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current Year<BR>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>First prior year</FONT></B></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Second prior year</FONT></B></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12/31/2013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>48,649,974</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>49,767,100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>16,430,691</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15,935,502 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7,861,052</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,686,021 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>763,599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial investments measured at amortized cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>763,599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,578,277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,753,056 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,941,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,122,122 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,286,449</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,374,303 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32,219,283</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>33,831,598 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Long-term receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,890,948</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3,598,352 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Short-term investments measured at amortized cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>34,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3,307,027</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,616,058 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,583,921</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>947,420 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3,998,227</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>13,665,453 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>17,871,599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15,624,140 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,458,509</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>943,653 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>

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

<a name="_bclFooter11"></a><DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>10</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 15.85pt">
    <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="82%" colSpan=4 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Consolidated Financial
      Statements / Balance Sheet &#8211; Liabilities</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 15.85pt">
    <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 25.6pt">
    <TD style="HEIGHT: 25.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></I></B></P></TD>
    <TD style="HEIGHT: 25.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></I></B></P></TD>
    <TD style="HEIGHT: 25.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Year<BR>12/31/2015</FONT></B></P></TD>
    <TD style="HEIGHT: 25.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>First prior year</FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="HEIGHT: 25.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Second prior year</FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Total liabilities
    </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>48,649,974</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>49,767,100</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current
      liabilities</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,325,571</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6,362,938</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.01</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and related
      taxes</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>256,840</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>219,740 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.02</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade payables</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,293,008</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,167,826 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.03</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes payable</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>700,763</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>318,675 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.04</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and
      financing</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,874,681</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,261,203 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.05</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other payables</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,073,017</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>845,109 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,262</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>550,385 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06.01</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for tax, social
      security, labor and civil risks</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,262</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>550,385 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-current
      liabilities</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>34,588,740</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>37,669,187 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.01</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and
      financing</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>32,407,834</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27,092,855 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.02</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other payables</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>131,284</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9,315,363 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.03</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Deferred taxes</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>494,851</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>238,892 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,554,771</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,022,077 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.01</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for tax, social
      security, labor and civil risks</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>711,472</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>195,783 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other
    provisions</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>843,299</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>826,294 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.03</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for environmental
      liabilities and asset retirement obligations</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>328,931</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>238,539 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.04</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Pension and healthcare
      plan</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>514,368</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>587,755 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated Shareholders&#8217;
      equity</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,735,663</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,734,975 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.01</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Issued capital</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,540,000 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.02</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capital
    reserves</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>30 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings
    reserves</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,464,701</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,131,298 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.01</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Legal reserve</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>442,531</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>361,641 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.02</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Statutory
    reserve</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,151,920</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>999,243 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.04</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings reserves to
      realize</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>109,226</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.09</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Treasury
shares</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-238,976</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-229,586</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.08</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive
      income</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>660,016</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>25,140 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.8pt">
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.03.09</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-controlling
      interests</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,070,916</FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>38,507 </FONT></P></TD>
    <TD style="HEIGHT: 12.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<a name="_bclFooter12"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>11</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader13"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<TABLE width="100%" border=0>

  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 16.3pt">
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" colSpan=3 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Consolidated Financial
      Statements / Statements of Income </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16.3pt">
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 24.85pt">
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Year
      </FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2015 to
      12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>First Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2014 to
      12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 24.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Second Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2013 to
      12/31/2013</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net revenue from sales
      and/or services</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,331,852</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>16,126,232</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cost of sales and/or
      services</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-11,799,758</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-11,592,382</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.03</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gross profit</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,532,094</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,533,850</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating
      expenses/income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,645,531</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,715,837</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Selling
    expenses</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,436,000</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,041,975</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>General and administrative
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-470,368</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-438,383</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.04</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other operating
      income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,725,882</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>90,488</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.05</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other operating
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,334,331</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-657,127</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.04.06</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity in income of
      affiliates</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,160,348</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>331,160</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.05</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit before finance income
      (costs) and taxes</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,177,625</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,818,013</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance income
      (costs)</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,373,050</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,081,433</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>491,987</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>171,552</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,865,037</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,252,985</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net exchange difference on
      financial instruments</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-739,790</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-149,007</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,125,247</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,103,978</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.07</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) before taxes
      on income</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,804,575</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-263,420</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.08</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution </FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-188,624</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>151,153</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.09</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) from
      continuing operations</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,615,951</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-112,267</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.11</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated profit (loss)
      for the year</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,615,951</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-112,267</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.11.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Attributed to owners of the
      Company</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,617,793</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.11.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Attributed to
      non-controlling interests</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,842</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,049</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings per share -
      (R$/share)</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basic earnings per
      share</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Common shares</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,19205</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-0,07443</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Diluted earnings per share
      </FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02.01</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Common shares</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,19205</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-0,07443</FONT></P></TD>
    <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>12</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader14"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<TABLE width="100%" border=0>

  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 16.6pt">
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="84%" colSpan=6 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Consolidated Financial
      Statements / Statement of Comprehensive Income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="4%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16.6pt">
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%" colSpan=3 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="4%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 25.25pt">
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Year
      </FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2015 to
      12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>First Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2014 to
      12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 25.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Second Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2013 to
      12/31/2013</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.01</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated profit for the
      year</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,615,951</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-112,267</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive
      income</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-949,903</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-691,832</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.01</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial gains on defined
      benefit plan from investments in subsidiaries</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>230</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,221</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.02</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial gains (losses) on
      defined benefit pension plan</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>92,221</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-95,175</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.03</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on actuarial (losses) gains on defined benefit pension
      plan</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>372</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>32,360</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.04</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cumulative translation
      adjustments for the year</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>530,540</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>28,227</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.05</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Available-for-sale
      assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-969,701</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-971,808</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.06</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>174,166</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>330,415</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.07</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Impairment of
      available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>555,298</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>205,000</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.08</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on impairment of available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-33,269</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-69,700</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.09</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gain (loss) on percentage
      change in investments</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,980</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-73,754</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.10</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Loss on cash flow hedge
      accounting </FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,399,457</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-120,633</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.11</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social
      contribution on loss on cash flow hedge accounting </FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>117,865</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>41,015</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.02.12</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Loss on net investment hedge
      on subsidiaries</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-20,148</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.03</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated comprehensive
      income for the year</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>666,048</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-804,099</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.03.01</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Attributed to owners of the
      Company</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>667,890</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-797,050</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.85pt">
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.03.02</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Attributed to
      non-controlling interests</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,842</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,049</FONT></P></TD>
    <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD></TR></TABLE></DIV>
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      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
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      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
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    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="84%" colSpan=4 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Consolidated Financial
      Statements / Statement of Cash Flows &#8211; Indirect
      Method</FONT></B></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="16%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></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" width="57%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="16%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 36.75pt">
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Year
      </FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2015 to
      12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>First Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2014 to
      12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 36.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Second Prior
      Year</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2013 to
      12/31/2013</FONT></B></FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net cash generated by
      operating activities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,069,163</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>823,709</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash generated from
      operations</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,828,950</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,368,382</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) for the year
      attributable to owners of the Company</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,617,793</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) for the year
      attributable to non-controlling interests</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,842</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,049</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Charges on borrowings and
      financing</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,889,163</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,782,681</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.04</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Charges on loans and
      financing granted</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-65,084</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-41,373</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation, depletion and
      amortization</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,176,840</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,281,485</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.06</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity in income (losses) of
      affiliates</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,160,348</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-331,160</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.08</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Deferred taxes</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-192,207</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-679,323</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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" width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.09</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for tax, social
      security, labor, civil and environmental risks</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>85,965</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,302</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.10</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inflation adjustments and
      exchange differences, net</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,389,448</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,185,761</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.11</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gain on buyback of debt
      securities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,086</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,869</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.12</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Impairment of
      available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>555,298</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>205,000</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.13</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Residual value of permanent
      assets written off</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6,466</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15,232</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.14</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gain on repurchase of debt
      securities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-166,642</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.15</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for actuarial
      liabilities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,193</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7,350</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.16</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Fair value gain - 60% Namisa
      investment</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,413,033</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.20</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other
    provisions</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>101,854</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>44,825</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in assets and
      liabilities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>240,213</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,544,673</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables - third
      parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>208,488</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>88,736</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables - related
      parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>217,439</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-143,218</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-726,800</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-917,193</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.04</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Receivables from related
      parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,545,142</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>263,569</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Recoverable
    taxes</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-537,669</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-27,944</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.06</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Judicial
    deposits</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-35,415</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>203,065</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.08</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade payables</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>301,118</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>219,353</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.09</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and related
      taxes</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>188,734</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9,777</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.10</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes in installments -
      REFIS</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>66,635</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-567,000</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.12</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payables to related
      parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-69,412</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,080</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.14</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest paid</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,964,826</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,744,954</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.15</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest on swaps
      paid</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,279</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.16</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest
    received</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,402</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13,609</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.17</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>38,377</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>56,726</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net cash used in investing
      activities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,864,993</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,657,743</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments / Advances for
      future capital increase</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,727,036</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-8,376</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Purchase of property, plant
      and equipment</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,616,173</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,848,496</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capital reduction on joint
      venture</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>466,758</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.07</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Receipt/payment in
      derivative transactions</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>903,153</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>76,607</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.09</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Purchase of intangible
      assets</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,462</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-727</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.10</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash and cash equivalent on
      Namisa Consolidation</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>456,364</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.11</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related-party
      loans</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>127,366</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.12</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intercompany loans
      granted</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-61,217</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.13</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Short-term investment, net
      of redeemed amount</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-728,725</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-4,117</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.15</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intercompany loans
      received</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>443,345</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net cash used in financing
      activities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,090,768</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-531,339</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
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<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<TABLE width="100%" border=0>

  <TR>
    <TD width="50%">
      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
      ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>
    <TD width="50%"></TD></TR>
  <TR>
    <TD width="50%">
      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Amortization of principal on
      borrowings and financing</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,380,968</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,241,461</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.03</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Amortization of principal on
      borrowings and financing - related parties</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-52,839</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-46,585</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.06</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Payments of dividends and
      interests on shareholder&#180;s equity</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-549,835</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-424,939</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.08</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Treasury
shares</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-9,390</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-909,204</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.09</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Buyback of debt
      securities</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-249,627</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-172,432</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.10</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capitalization net of
      transactions cost</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>373,491</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,898,606</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.11</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Forfaiting capitalization /
      drawee Risk</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>924,706</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>641,430</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.03.12</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Forfaiting amortization /
      drawee Risk</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,146,306</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-276,754</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.04</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Exchange differences on
      translating cash and cash equivalents</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>61,629</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>55,722</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.05</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Decrease in cash and cash
      equivalents</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-824,969</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,309,651</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.05.01</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash and equivalents at the
      beginning of the year</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,686,021</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9,995,672</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></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 width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.05.02</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash and equivalents at the
      end of the year</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7,861,052</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,686,021</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>15</FONT></P>
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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD>

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   <P><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31, 2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

   <TD width="50%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="84%" colSpan=13 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Equity - 1/1/2015 to 12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="29%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=3 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 40pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Paid-in capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital reserve, granted options and treasury shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings reserve</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-controlling interests</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>25,140</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,696,468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>38,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,734,975</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>25,140</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,696,468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>38,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,734,975</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital transactions with shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-284,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-284,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-284,390</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury shares acquired</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-9,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-9,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-275,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-275,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-275,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>634,876</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,252,669</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,842</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,250,827</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,842</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,615,951</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>634,876</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>634,876</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>634,876</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Translation adjustments for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>530,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>530,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>530,540</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Actuarial gains on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>92,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>92,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>92,823</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Available-for-sale assets, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-273,506</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-273,506</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-273,506</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gain on percentage change in investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,980</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Loss on Cash Flow Hedge Accounting, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,281,592</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,281,592</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,281,592</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Loss on net investment hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-20,148</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-20,148</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-20,148</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gain on business combination</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,584,779</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,584,779</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,584,779</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Internal changes in shareholders&#8217; equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,034,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,034,251</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-1,617,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.06.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-controlling interests in subsidiaries </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,034,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,034,251</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Closing balance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,464,701</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>660,016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7,664,747</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2 align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,070,916</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,735,663</FONT></P></TD></TR>

<TR>

   <TD width="7%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR></TABLE></DIV>

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      <P></P>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE
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      <P><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DFP &#8211;&#8211; Annual Financial Statements &#8211; December 31,
      2015 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>
    <TD width="50%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <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="84%" colSpan=13 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Consolidated Financial
      Statements / Statement of Changes in Equity - 1/1/2014 to
      12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>
  <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="29%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=3 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 40pt">
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Paid-in capital</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capital reserve, granted options and treasury
      shares</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings reserve</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Retained earnings (accumulated
    losses)</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-controlling interests</FONT></B></P></TD>
    <TD style="HEIGHT: 40pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated shareholders'
  equity</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.01</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Opening
    balances</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,540,000</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,839,568</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>716,972</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,096,570</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-27,511</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,069,059</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.03</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Adjusted opening
      balances</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,540,000</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2,839,568</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>716,972</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,096,570</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-27,511</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,069,059</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.04</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capital transactions with
      shareholders</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,609,204</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,609,204</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,609,204</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.04.04</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Treasury shares
      acquired</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-909,204</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-909,204</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-909,204</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.04.06</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Dividends</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-700,000</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-700,000</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-700,000</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.04.08</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cancelation of treasury
      shares</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>679,618</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>679,618</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>679,618</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.04.09</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cancelation of treasury
      shares</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-679,618</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-679,618</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-679,618</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Total comprehensive
      income</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-99,066</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-691,832</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-790,898</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,049</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-797,947</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.01</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit for the
      year</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,049</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-112,267</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive
      income</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6,152</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-691,832</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-685,680</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-685,680</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.04</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Translation adjustments for
      the year</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>28,227</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>28,227</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>28,227</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.06</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial (losses) gains on
      defined benefit pension plan, net of taxes</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-54,442</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-54,442</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-54,442</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.07</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial gain recycled to
      retained earnings</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6,152</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-6,152</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.08</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Available-for-sale assets,
      net of taxes</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-506,093</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-506,093</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-506,093</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.09</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Loss) gain on percentage
      change in investments</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-73,754</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-73,754</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-73,754</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.10</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Loss) gain on hedge
      accounting, net of taxes</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-79,618</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-79,618</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-79,618</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.06</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Internal changes in
      shareholders&#8217; equity</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-99,066</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>99,066</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>73,067</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>73,067</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.06.04</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Reversal of statutory
      working capital reserve</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-99,066</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>99,066</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.06.05</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-controlling interests in
      subsidiaries </FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>73,067</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>73,067</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.03</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Adjusted opening
      balances</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,540,000</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,131,298</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>25,140</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,696,468</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>38,507</FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,734,975</FONT></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter18"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>17</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P align=right><IMG border=0 src="iconecsn.jpg"></P>&nbsp; <A name=page_19></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader19"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <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="99%" colSpan=7 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Consolidated Financial
      Statements / Statement of Value Added </FONT></B></FONT></P></TD></TR>
  <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="59%" colSpan=3 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=2 noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=2 noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 38.5pt">
    <TD style="HEIGHT: 38.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="HEIGHT: 38.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="HEIGHT: 38.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Current Year 1/1/2015 to
      12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 38.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>First Prior Year 01/01/2014 to
      12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 38.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Second Prior Year 1/1/2013 to
      12/31/2013</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues</FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>18,022,991</FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>19,181,869</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Sales of products and
      services</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>17,732,606</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>19,141,235</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01.02</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other revenues</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>314,982</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>53,685</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01.04</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Allowance for (reversal of)
      doubtful debts</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-24,597</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-13,051</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Raw materials acquired from
      third parties</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,885,152</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-12,229,259</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cost of sales and
      services</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,921,990</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-10,203,567</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.02</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Materials, electric power,
      outside services and other</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>576,961</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,809,887</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 8.3pt">
    <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.03</FONT></P></TD>
    <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Impairment/recovery of
      assets</FONT></P></TD>
    <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,175</FONT></P></TD>
    <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-10,805</FONT></P></TD>
    <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 3.7pt">
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.04</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-555,298</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-205,000</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.04.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Impairment of
      available-for-sale assets</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-555,298</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-205,000</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.03</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gross value
    added</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,137,839</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6,952,610</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.04</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Retentions</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,176,840</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,281,485</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.04.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation, amortization
      and depletion</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,176,840</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,281,485</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 3.7pt">
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.05</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Wealth created</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6,960,999</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,671,125</FONT></P></TD>
    <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Value added received as
      transfer</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,875,970</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,477,181</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity in income of
      affiliates</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,160,348</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>331,160</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.02</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance income</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>491,987</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>171,552</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.03</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,223,635</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,974,469</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.03.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other and exchange
      gains</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,223,635</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,974,469</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.07</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Wealth for
      distribution</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>11,836,969</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>9,148,306</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Wealth
    distributed</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>11,836,969</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>9,148,306</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Personnel</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,981,402</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,690,075</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Salaries and
    wages</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,587,398</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,337,863</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.02</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Benefits</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>310,107</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>268,251</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.03</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Severance pay fund (FGTS)
      </FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>83,897</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>83,961</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 8.8pt">
    <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02</FONT></P></TD>
    <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes, fees and
      contributions</FONT></P></TD>
    <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,150,868</FONT></P></TD>
    <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,353,710</FONT></P></TD>
    <TD style="HEIGHT: 8.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Federal</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>811,488</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,070,234</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.02</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>State</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>314,855</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>247,275</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.03</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Municipal</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>24,525</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>36,201</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Remuneration on third-party
      capital</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,088,748</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6,216,788</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,273,729</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,860,314</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.02</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Leases</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>16,273</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,172</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.03</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,798,746</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,341,302</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.03.01</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Exchange
losses</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,798,746</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,341,302</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Shareholders</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,615,951</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-112,267</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.03</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Retained earnings
      (accumulated losses)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,617,793</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-105,218</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
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      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.04</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-controlling interests in
      retained earnings</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,842</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-7,049</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>0</FONT></FONT></P></TD></TR>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2015 MANAGEMENT REPORT</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company is re-presenting its Management Report in conjunction with the restatement of its consolidated financial statements for the fiscal year ended December 31, 2015, as explained in note 2.a.b.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><FONT style="DISPLAY: none; COLOR: red; FONT-SIZE: 12px" face=times></FONT></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MESSAGE FROM MANAGEMENT </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN is still facing challenges with optimism and confidence in the economic development and potential of Brazil, and it was in that spirit that we faced the difficulties during 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Our mining operations hit records in Casa de Pedra, with shipments amounting to 28 million tons in 2015. We successfully implemented a cost reduction plan, transforming CSN into one of the world&#8217;s most competitive mining companies, and placing it in a position which allows us to overcome global market instabilities. In addition, Casa de Pedra had certifications confirmed for more than 6 billion tons of resources and 3 billion tons of reserves. In December, we completed the merger of CSN&#8217;s and NAMISA&#8217;s mining and associated logistics assets, including the rights to operate the Tecar Port Terminal in Itagua&#237; (RJ) and the interest in MRS, creating a global company, Congonhas Min&#233;rios. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In the steel segment, we continued modernizing the Presidente Vargas Steelworks (UPV) in Volta Redonda (RJ), ensuring competitiveness and sustainability gains, with emphasis on the programs for revamping the coke batteries and one of the turbines in our Thermoelectric Center. The Waste Management System is another project of the Presidente Vargas Steelworks, which was recognized internationally during the Congress of the Latin American Steel Association (ALACERO), in the Best Available Techniques category, for its innovation and applicability. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The delivery of two new crushing facilities in Arcos (MG) represents the conclusion of an important step in the plan to reach total annual production capacity of 5.4 million tons of cement in the Southeast.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Finally, with regard to our financial management, we extended most of our debt maturities scheduled for 2016 and 2017 in order to improve the amortization profile and adjust the Company to the global risk scenario. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>All these achievements show that, committed to respect to the environment and the communities where we operate, we have worked to improve CSN&#8217;s efficiency and competitiveness, always driven by the challenge of doing more, doing better, doing always.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Benjamin Steinbruch</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Chairman of the Board of Directors</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>RESTATEMENT OF THE FINANCIAL STATEMENTS OF DECEMBER 31, 2015</FONT></B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company is voluntarily restating its consolidated financial statements for the fiscal year ended December 31, 2015 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>due to a change in the interpretation of the application of the Technical Pronouncement CPC 15/ IFRS 3</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> in the period after the publication of these financial statements, as required by the accounting pronouncement CPC23/IAS8. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The change in the interpretation of the CPC/IFRS was identified during recent discussions that we maintained with our independent auditors on the business combination events triggered by the inquiries made by the </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Securities Exchange Commission</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (SEC) on the accounting procedure for the presentation of the non-controlling interests of the subsidiary Congonhas Min&#233;rios in the Company&#8217;s consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As mentioned in Note 3, on November 30, 2015, Congonhas Min&#233;rios acquired the control of the joint venture Nacional Min&#233;rios (&#8220;Namisa&#8221;) and applied the CPC 15/IFRS3 for the accounting of the business combination, using the acquisition method. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The legal implementation of the transaction took place on November 30, 2015 and was carried out through the primary issuance of shares by Congonhas Min&#233;rios with the payment, by the Cons&#243;rcio Asi&#225;tico, of 40% of its shares held in Namisa. Act subsequent to the payment, Congonhas and CSN signed a Shareholders' Agreement of Namisa granting the majority control of Namisa to Congonhas on the same date. On December 31, 2015, Namisa was merged into Congonhas, extinguishing the said Shareholders' Agreement. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The application of the acquisition method for the business combination resulted in net gains of R$2.9 billion in the statement of income of Congonhas coming from the remeasurement to fair value of the 60% interest in Namisa and from the elimination of the pre-existing relationships related to the operating agreements between Namisa and Congonhas. These gains were fully recorded in Congonhas, the acquirer for the purposes of this business combination. On the other hand, to implement the operation, CSN had recorded in its financial statements previously filed a gain of R$1.9 billion directly in its net equity from the change in its equity interest in Congonhas, which is being adjusted to a gain of R$1.6 billion. These amounts are detailed in Note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The interpretative aspect of the CPC/IFRS application in this operation stems from the moment the gains are recorded and how these gains are allocated between the shareholders of Congonhas at the acquisition date. In the previous accounting procedure, even with the entire transaction being carried out on a single date, the corporate actions complied with a specific order in which the Company based its interpretation for the allocation of the gains to controlling and non-controlling shareholders. Within this context, Congonhas would have admitted the Cons&#243;rcio Asi&#225;tico in its shareholder base before the acquisition of control of Namisa, the reason why the gains with the business combination were allocated to the shareholders considering their respective equity interests in the capital of Congonhas, i.e., 87.52% to CSN and 12.48% to the Cons&#243;rcio Asi&#225;tico. Pursuant to the new interpretation of the events that took place on November 30, 2015, the gains from the business combination were recorded in Congonhas before the admission of the Cons&#243;rcio Asi&#225;tico in Congonhas' shareholder base and, for this reason, these gains are being exclusively allocated to the shareholder CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table summarizes the change of the approach:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Thus, the new interpretation for the implementation of the transaction gives rise to the gains from the business combination being presented as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Income Statement </FONT></B></P>

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

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

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D<FONT style="FONT-SIZE: 8pt" face=Arial>ecember 31, 2015</FONT></FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D<FONT style="FONT-SIZE: 8pt" face=Arial>ecember 31, 2015</FONT></FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>A<FONT style="FONT-SIZE: 8pt" face=Arial>s presented</FONT></FONT></B></P></TD>

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

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

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

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Re<FONT style="FONT-SIZE: 8pt" face=Arial>stated</FONT></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>A<FONT style="FONT-SIZE: 8pt" face=Arial>s presented</FONT></FONT></B></P></TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reclassifica<FONT style="FONT-SIZE: 8pt" face=Arial>tions</FONT></FONT></B></P></TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

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

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity in earnings of investees</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,160,348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,160,348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,968,872 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,328,769 </FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net income for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributed to:</FONT></B></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>358,055 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(359,897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,842)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT></DIV>

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<P></P>

<P></P>

<P style="LINE-HEIGHT: 107%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 8pt 0.5in"><FONT style="LINE-HEIGHT: 107%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Net Equity</FONT></B></FONT></P>

<P></P></DIV>

<a name="_bclFooter22"></a><DIV>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December, 31 2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="47%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>As presented</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Issued capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,540,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,104,804 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,464,701 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Legal reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>424,536 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,995 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>442,531 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Statutory reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,895,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>256,426 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,151,920 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Earnings reserves to realize</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,750 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85,476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>109,226 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(238,976)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(238,976)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,019,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(359,897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>660,016 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Shareholder's equity attributed to controlling interest</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,664,747 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,664,747 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,070,916 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,070,916 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total shareholders's equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,735,663 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,735,663 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The difference in the parent company&#8217;s net income for the year resulted from the adjustment made in the 2015 Financial Statements in the amount of R$ 359,9 million was allocated to legal reserve, reserve for realizable profits and statutory reserve of working capital and investments, and will be considered only for accounting purposes and no other purpose, including any corporate law aspect.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The restatement above does not affect the consolidated results of the Company and does not change its net equity, being only a reallocation between certain line items.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT>-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>THE COMPANY</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With interests in steel, mining, cement, logistics and energy, CSN operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a diversified range of high value-added steel products. Thanks to this integrated production system and exemplary management, CSN&#8217;s production costs are among the lowest in the sector where it operates.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2015, Presidente Vargas </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Steelworks </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>produced 4.2 million tons of crude steel and 4.0 million tons of rolled steel. Steel sales, in turn, came to 5 million tons, 59% of which sold in the domestic market and 41% in exports and sales by our overseas subsidiaries. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In December 2015, we concluded the merger of Namisa&#8217;s assets with CSN&#8217;s mining and </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>associated </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>logistics assets, involving the Casa de Pedra, Engenho and Pires mines, and their respective assets, the rights to operate the Tecar port terminal in Itagua&#237; and the 18.63% interest in MRS, resulting in the current structure of Congonhas Min&#233;rios. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2015, CSN produced and sold approximately 2.2 million tons of cement from two production units, Volta Redonda (RJ) and Arcos (MG).</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN is one of the largest industrial electricity consumers in Brazil, holding electricity generation assets through interest in consortiums of hydropower plants. It also generates energy integrated to its production process, thereby ensuring its energy self-sufficiency. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=red face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=red face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>4</FONT>-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>OUTLOOK, STRATEGY and INVESTMENTS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN has been investing in its five operational segments to enhance its units&#8217; competitive advantages and review the Company&#8217;s business portfolio and projects to maximize the return to the shareholders. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>4.1- STEEL</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Presidente Vargas Steelworks in Volta Redonda is CSN&#8217;s most important steel production unit, with an installed crude steel production capacity of 5.9 million tons per year. In addition to its units in Brazil, CSN has three subsidiaries abroad: CSN LLC, in the U.S.A., Lusosider, in Portugal, and SWT, in Germany. In 2016, the main strategies of the steel units include: i) maximizing the use and sale of coated products; ii) the reduction of finished product inventory; and iii) cost reduction and increase in energy efficiency.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>4.2- MINING</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=red face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=red face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Congonhas Min&#233;rios is Brazil&#8217;s second largest iron ore exporter in terms of sales of iron ore finished products. In 2015, it sold approximately 27 million tons of iron ore and allocated 5.5 million tons to the Presidente Vargas Steelworks. In turn, Tecar shipped approximately 28.2 million tons of iron ore in 2015. In 2016, Congonhas Min&#233;rios will continue with its ongoing plan to reduce operating costs and capture synergies to face the current iron ore price scenario.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>4.3- CEMENT</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has continued to invest in expanding its production capacity to 5.4 million tons per year. In 2015, two new crushing facilities were delivered to Arcos (MG), increasing annual capacity by 2.2 million tons of cement. With the implementation of the new clinker kiln in Arcos (MG), scheduled for 2016, CSN will achieve self-sufficiency in the production of this raw material and it is expected to become one of the most competitive players in the regions where it operates.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.4 &#8211; LOGISTICS </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ports</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The port of Tecon, managed by Sepetiba Tecon S.A., a subsidary of CSN, is the largest container terminal in Rio de Janeiro and one of the largest in its segment in Brazil. In order to expand the terminal, the Company has been investing in infrastructure, including the acquisition of new equipment, as well as the equalization of Berth 301, transforming it into a continuous quay, and allowing it to handle several large vessels simultaneously, thereby raising capacity to more than 600,000 TEUs<FONT style="FONT-SIZE: 9pt" face=Arial><SUP>1</SUP></FONT></FONT></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> per year. The Company continues to expand its commercial lines through new routes with Asia, South America and Central America, consolidating itself as a cargo hub port. </FONT></FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railways</FONT></B></FONT></H4>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN retains an interest in three rail companies: MRS Log&#237;stica S.A., Transnordestina Log&#237;stica S.A. and FTL Ferrovia Transnordestina Log&#237;stica:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MRS Log&#237;stica S.A. (MRS)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=arial,sans-serif>&nbsp;<SUP>1</SUP></FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TEU &#8211; Twenty-foot equivalent unit</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN holds, directly and indirectly, a 34.94% interest in MRS, which operates the former Southeastern Network of the Federal Railways (RFFSA), in the Rio de Janeiro - S&#227;o Paulo - Belo Horizonte corridor. MRS&#8217; rail services play a vital role in supplying the Presidente Vargas Steelworks with raw materials, such as iron ore, coke and coal. It also transports all the iron ore for export, as well as some of CSN&#8217;s steel and cement output.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Transnordestina Log&#237;stica S.A. (TLSA)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With the support of the federal government, TLSA is building Nova Transnordestina, a 1,753 km railway connecting the rail terminal in Eliseu Martins (PI) to the Ports of Suape (PE) and Pec&#233;m (CE), crossing several cities in the states of Piau&#237;, Pernambuco and Cear&#225;. The railway&#8217;s projected annual operating capacity of 30 million tons will play a crucial role in the development of the Northeast, providing logistical support for the oil and by-product, agriculture and mining sectors, among others.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A. (FTL)</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>FTL operates the former Northeastern network of the RFFSA, traversing seven states: Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas, with a total extension of 4,534 km and a current operating capacity of around two million tons per year, with emphasis to fuel cargo, cement, and pulp, among others. Currently FTL&#8217;s operational railway network connects the states of Maranh&#227;o, Piau&#237; and Cear&#225; through its 1,191 kilometers. The traffic on the remaining rail stretches has been suspended. Said stretches are under negotiations to return to the ANTT and DNIT.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT>-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MAIN CORPORATE EVENTS</FONT></B></FONT></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Corporate restructuring of indirect subsidiaries</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On December 11 2014, CSN&#8217;s Board of Directors approved the establishment of a strategic alliance with the Asian Consortium comprising ITOCHU Corporation, JFE Steel Corporation, POSCO, Ltd., Kobe Steel, Ltd., Nisshin Steel Co, Ltd. and China Steel Corp. (&#8220;Asian Consortium&#8221;). The transaction was concluded on November 30, 2015. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It consisted of the combination, in a new company, Congonhas Min&#233;rios S.A., of the mining and associated logistics businesses of the Company and Namisa, including the commercial establishment associated with the Casa de Pedra iron ore mine, the 18.63% interest in MRS and the rights to operate the Tecar port terminal, in Itagua&#237; (RJ). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The various steps of the transaction are listed below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Payment of dividends by Namisa totaling US$1.4 billion, equivalent to R$5.4 billion, which were paid before the closing of the transaction;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring of Congonhas with the transfer, by CSN, of CSN&#8217;s assets and liabilities related to Casa de Pedra, the rights to operate the Tecar, 60% of the shares of Namisa, 8.63% of the shares of MRS and US$850 million in debt, equivalent to R$3,370 million;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226;&nbsp;&nbsp; The acquisition by Congonhas of 40% of Namisa&#8217;s shares held by the Asian Consortium, with the merger of said company by Congonhas;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; The signature of Congonhas&#8217; shareholders&#8217; agreement;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Payment by CSN of US$680 million related to the acquisition of 4% of the shares held by the Asian Consortium in Congonhas and additional US$27 million related to the acquisition of 0.16% of the shares also held by the Asian Consortium in Congonhas, totaling US$707 million, equivalent to R$2.7 billion; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp; Settlement of the pre-existing agreements with Namisa related to the supply of high and low silica ROM, port services and iron ore processing. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the position of Congonhas&#8217; assets, the transfers by the Asian Consortium in the transaction, as well as the adjustments resulting from the negotiations between the parties, and debt, cash and working capital difference adjustments, on conclusion of the transaction, CSN and the Asian Consortium held 87.52% and 12.48% of Congonhas Min&#233;rios, respectively.</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The transaction also includes an "earn-out" mechanism, which, in the case of a qualified liquidity event that occurs within certain valuation parameters and within an agreed period of time after conclusion of the transaction, could dilute, at CSN's sole discretion, the Asian Consortium&#8217;s interest in Congonhas Min&#233;rios from 12.48% to up to 8.21%. This mechanism was considered a contingent asset and no associated asset was booked. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Part of Congonhas Min&#233;rios&#8217; iron ore production will be sold to members of the Asian Consortium and to CSN. These rights are reflected in long-term supply agreements, entered into on November 30, 2015, whose terms were negotiated adopting commonly used market conditions. The Company also secured the use of TECAR for raw materials imports by entering into a long-term agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Also in 2015, CSN Cimentos was merged by the Company, resulting in an economy of scale due to the reduction of operational and administrative expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In the same year, Companhia Metal&#250;rgica Prada incorporated its subsidiary Rimet Empreendimentos Industriais e Comerciais in order to optimize processes and maximize results.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At the end of 2015, CSN Islands X was extinguished as a result of its merger with CSN Islands VII.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Constitution of subsidiaries1</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2015, CSN constituted Nordeste Log&#237;stica S.A. for the logistics exploration of the Private Use Terminal on the coast of Cear&#225; state, in the region of influence of Pec&#233;m Port Terminal. Nordeste Log&#237;stica is currently in pre-operating phase.</FONT></FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CORPORATE GOVERNANCE</FONT></B></FONT></H4>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN continues to expand its communication channels, aiming to increase the Company&#8217;s transparency and exposure through new coverage by financial institutions and participation in events and conferences.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN&#8217;s capital stock is divided into 1,387,524,047 book-entry common shares with no par value, each common share having the right of one vote at the Company&#8217;s Shareholders&#8217; Meetings.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Controlled by Vicunha A&#231;os S.A. and Rio Iaco Participa&#231;&#245;es S.A., which retain 50.29% and 4.19% of the Company&#8217;s total capital, respectively, CSN&#8217;s management is exercised by the Board of Directors and Board of Executive Officers.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>* Controlling Group</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=red face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=red face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Annual Shareholders&#8217; Meeting</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In accordance with the prevailing legislation, once a year the shareholders meet at the Annual Shareholders&#8217; Meeting to elect the members of the Board of Directors, examine management&#8217;s accounts and the financial statements, and decide on the allocation of annual net income and the eventual payment of dividends. Whenever necessary, Extraordinary Shareholders&#8217; Meetings may be called to decide on specific issues that are not within the normal scope of the Annual Meeting.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 120%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Board of Directors</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Board of Directors comprises up to eleven members, who meet on a routine basis on the dates established by the annual calendar approved by it and on an extraordinary basis whenever necessary. Members are elected for a one-year term of office, re-election being permitted. The current Board of Directors is composed of seven members.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Its responsibilities include defining and monitoring the Company&#8217;s policies and strategies, overseeing the activities of the Board of Executive Officers and deciding on relevant matters involving the Company&#8217;s businesses and operations. It is also responsible for electing and removing the executive officers and may, if necessary, constitute special advisory committees.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Board of Executive Officers</FONT></B></FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Currently composed of five Officers, one of whom is the CEO, the Board of Executive Officers is responsible for managing and administering the Company's social businesses, respecting the guidelines and resolutions of the Board of Directors and the Annual Shareholders&#8217; Meeting. The members of the Board of Executive Officers meet whenever called to do so by the CEO or two other officers. Each officer is responsible for conducting the operations of his or her respective area. Officers are elected for a two-year term, re-election being permitted.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Audit Committee</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Audit Committee has autonomy to make decisions on all matters concerning Sections 301 and 407 of the Sarbanes-Oxley Act. Its main responsibilities include evaluating, analyzing and making recommendations to the Board of Directors on matters concerning the indication, hiring and compensation of the external auditors, as well as accompanying the internal and external audits. In regard to the hiring of external auditors, special procedures are adopted to ensure that there are no conflicts of interest, dependence or loss of objectivity on the part of the auditors in their relations with the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Internal Audit</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN maintains an internal audit department, which acts independently within the organization to assist and communicate material facts to the Board of Directors, the Audit Committee and the Board of Executive Officers. It is responsible for ensuring the appropriate allocation of resources and protecting the assets of the CSN Group companies, providing support for compliance with the planned results, upgrading processes and internal controls in order to enhance financial and operating performance, as well as preventing the risk of losses or fraud and, consequently, any damage to CSN&#8217;s corporate image. The Company also provides several communication channels through which employees, clients, suppliers and third parties can report unlawful acts and irregularities that may affect its financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Independent Auditors </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The independent auditors, Deloitte Touche Tohmatsu, who provided auditing services to CSN and its subsidiaries in 2015, were also hired to perform services in addition to those related to the audit of the financial statements. It is the belief of both the Company and its independent auditors that these services do not affect the latter&#8217;s independence. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>External audit fees</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refers to the audit of the annual financial statements and the review of the Company&#8217;s quarterly reports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fees related to other audit services</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refers to the preparation and issue of appraisal reports related to business combinations and a review of Tax Bookkeeping (ECF).</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Amounts related to services provided by the Company&#8217;s auditors</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 25.95pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(R$ &#8216;000)</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="78%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>External audit fees</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>5,063</FONT></P></TD></TR>

<TR style="HEIGHT: 13pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="78%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fees related to other audit services</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>986</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="78%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>6,049</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Services additional to the examination of the financial statements are submitted for prior approval to the Audit Committee in order to ensure that, based on the pertinent legislation, they do not represent a conflict of interest or jeopardize the auditors&#8217; independence or objectivity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In accordance with CVM Instruction 480/09, November 14, 2016, the Board of Directors declared that they had discussed, reviewed, and were in full agreement with the opinions expressed in the independent auditors&#8217; report and with the restated financial statements for the fiscal year ended December 31, 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sarbanes-Oxley Act</FONT></B></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>26</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s governance structure includes the Risk and Compliance area whose responsibilities include assessing the risks that may impact the financial statements and defining internal controls to mitigate such risks, together with the managers responsible for business processes. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company evaluates the effectiveness of its internal control structure, in compliance with 2013 COSO principles and the Sarbanes-Oxley Act (SOX), and the result of this assessment is reported to senior management and to the Audit Committee.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s governance structure also includes the Internal Audit department, responsible for auditing business processes and the independent monitoring of internal controls.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company is in the final stage of certification of its internal controls related to the 2015 Consolidated Financial Statements, in compliance with Section 404 of the Sarbanes-Oxley Act.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Code of Ethics</FONT></B></FONT></P>

<H6 style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</H6>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The CSN companies maintain a Code of Ethics, whose objective is to establish guidelines governing the personal and professional conduct expected in relations with employees, clients, shareholders, suppliers, communities, competitors and the environment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The code is made available to all stakeholders and business partners, and is used as a declaration of conduct in the company and of the commitments assumed. Its content is in the public domain and is available at </FONT></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>www.csn.com.br</FONT></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s governance structure encompasses also the Compliance area, responsible for the Integrity Program aimed at ensuring business transparency and compliance with the standards of ethical conduct in the exercise of our activities. This process includes the continuous training of employees and third parties and the monitoring of compliance with laws, regulations, internal policies and standards.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Disclosure of Material Acts and Facts </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN maintains a Material Act or Fact Disclosure Policy, which determines that all such disclosures must contain information that is accurate, consistent, appropriate, transparent, unified and within the proper timeframes, in accordance with CVM Instruction 358/2002 and Section 409 &#8211; Real Time Issuer Disclosure of the Sarbanes-Oxley Act.</FONT></FONT></P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INNOVATION</FONT></B></FONT></H4>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia Sider&#250;rgica Nacional has a tradition of pioneering spirit and innovation as an intrinsic part of its history. For more than 60 years, our Research Center has been recognized for developing new products and new solutions to the market. This represents the true essence of its activities &#8211; innovation, the engine powering economic growth.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2015, the company created the INOVA CSN unit, whose purpose is to enable innovation projects related to products, processes, energy efficiency and the environment in the Company&#8217;s business units. INOVA CSN connects the company to the technological and scientific development environment, in Brazil and abroad, in the pursuit of innovations that add value to the Company and its clients. One of the highlights of the 2015 Innovation Strategic Plan is the Product Innovation project with industrial-scale development of Advanced High-Strength Steels used in the automobile industry.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN manages intellectual property rights, including trademarks, patents, and industrial designs, ensuring adequate protection for the company and encouraging sales, through technological transfer contracts resulting from its own innovation developments. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PEOPLE</FONT></B></H4>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 150%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN&#8217;s integrated and efficient people management is based on five pillars &#8211; Attract; Align and Engage; Evaluate; Develop; Recognize and Reward &#8211;, investing in projects aimed at professional development and improvement, thereby contributing to the growth of the organization and its people.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The year 2015 was marked by the consolidation of the new Performance Evaluation model. Through this practice we evaluate employee adherence to the necessary organizational skills and the performance achieved over the year. Another 2015 highlight was the implementation of the new cycle of the Career and Succession program. Through this practice, we identify and evaluate potential successors, continuously forming new leaders.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Further improving employee development at various levels remains one of our permanent priorities. In 2015, we invested 363,592 thousand hours in training, with the goal of generating knowledge and developing the skills necessary to achieve corporate goals. We held two new development modules of the Leaders&#8217; School, with the participation of around 1300 managers. Through this program, we increase the awareness of leadership responsibilities, concepts and behaviors and prepare and encourage our leaders regarding the proactive positioning when facing challenges. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN closed 2015 with around 23,000 employees and a turnover rate of around 14%, one of the lowest in the industrial sector. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>9-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>SOCIAL RESPONSIBILITY</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN&#8217;s social responsibility projects are created to value the potential of each region where it operates and their respective communities, in partnership with the local government and society. In 2015, it invested R$15.7 million in the educational, cultural, sporting and health areas through CSN Foundation initiatives and through projects developed by partner institutions, supported by tax incentives. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The CSN Foundation&#8217;s cultural and educational initiatives are present in the &#8220;Garoto Cidad&#227;o&#8221; project, which provides social and cultural activities for 1,900 socially vulnerable children and teenagers in the communities where the company operates. CSN Foundation maintains two technical schools in Volta Redonda and Congonhas, which had 1,331 students in 2015, 677 of whom on scholarships, while the Bela Vista Hotel-School in Volta Redonda offers 176 places per year for courses in hotel management, providing professional qualification in various areas.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Among the initiatives sponsored by CSN, we highlight the Unibes Cultural programming, the </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Di&#225;logo no Escuro</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (dialog in the dark) exhibition, the DOC SP, the restoration of Pal&#225;cio Laranjeiras, in addition to sports training projects of Volta Redonda and Audax clubs. CSN also sponsored projects in the National Cancer Care Support Program and the Health Care Support Program for People with Special Needs (PRONAS and PRONON) and the Senior Citizens&#8217; Fund, as well as the initiatives of the Support Group for Children with Special Needs (AACD) and the Barretos-SP Cancer Hospital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SOCIAL AND ENVIRONMENTAL RESPONSIBILITY </FONT></B></FONT></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN maintains various social, environmental and sustainability management instruments in order to act in a purposeful way and meet the needs of the various stakeholders involved in the communities and businesses where it operates. The Company's sustainability practices have as main objectives the creation of sustainable values and the management of environmental risks; the optimization and efficiency in the use of natural resources and the control of potential impacts;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Most of CSN&#8217;s units have received ISO 14001 environmental certification and it maintains an open communication channel through the Linha Verde (Green Line). All its environmental controls are audited for compliance with the Sarbanes-Oxley Act (SOX).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With the threat of water shortages, especially in the Southeast, CSN has been proceeding with various initiatives to ensure the more efficient use of water in its production processes, exemplified by a water reuse ratio of more than 92% at the Presidente Vargas Steelworks (UPV). In 2014, the Company made a water inventory of its units: </FONT></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>UPV (RJ), CSN Cimentos (RJ), Namisa and Casa de Pedra (MG); TECAR and TECON (RJ), </FONT></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>which allowed it to prepare plans and measures to help the Company improve its efficiency and reduce potential impacts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Since 2010, CSN has been undertaking an inventory of its greenhouse gas emissions in line with GHG Protocol guidelines, in order to provide input for managing carbon, mitigating risks and adapting to climate change.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN confirmed its commitment to sustainable development, committing to the seven sustainability principles of the industry, through the signature of the Sustainable Development Charter of the World Steel Association, which has the adherence of 75 steelmakers around the world. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Finally, CSN has been constantly mapping its stakeholders and, since 2012, it uses mapping criteria to assess environmental, social and economic impacts, in accordance with the Global Reporting Initiative (GRI) guidelines, for all its operations. The data and indicators obtained in this process allow CSN to monitor its performance and assess its exposure to social and environmental risks and future opportunities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=windowtext><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11-</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DISCLAIMER </FONT></B></FONT></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Certain of the statements contained herein are forward-looking statements and projections, which express or imply results, performance or events that are expected in the future. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, including general and economic conditions in Brazil and in other countries, interest rate and exchange rate levels, future renegotiations and prepayment of foreign-currency liabilities or loans, protectionist measures in Brazil, the United States and other countries, changes in laws and regulations and general competitive factors (on a regional, national or global basis).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=red face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=red face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN&#8217;s financial information presented herein is in accordance with international financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB), and with the accounting practices adopted in Brazil. Non-financial information, as well as other operating information, has not been audited by the independent auditors. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;(Expressed in thousands of reais &#8211; R$, unless otherwise stated)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DESCRIPTION OF BUSINESS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional &#8220;CSN&#8221;, also referred to as the Company or Parent Company, is a publicly-held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries, joint ventures, joint operations and associates are collectively referred to herein as the "Group&#8221;). The Company&#8217;s registered office is located in S&#227;o Paulo, SP, Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN has shares listed on the S&#227;o Paulo Stock Exchange (BM&amp;F BOVESPA) and on the New York Stock Exchange (NYSE). Accordingly, the Company reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Group's main operating activities are divided into five (5) operating segments as follows: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s main industrial facility is the Presidente Vargas Steel Mill (&#8220;UPV&#8221;), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, long steel, metallic containers and galvanized steel. In addition to the facilities in Brazil, CSN has operations in the United States, Portugal and Germany, all of them are in line with the plan to achieve new markets and perform excellent services for final consumers. Its steel has been used in home appliances, civil construction and automobile industries.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The production of iron ore is developed in the city of Congonhas, State of Minas Gerais. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Iron ore is sold basically in the international market, especially in Europe and Asia. The prices charged in these markets are historically cyclical and subject to significant fluctuations over short periods of time, driven by several factors related to global demand, strategies adopted by the major steel producers, and the foreign exchange rate. All these factors are beyond the Company&#8217;s control. The ore transportation is </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>accomplished</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> by TECAR, a solid bulk terminal, one of the four terminals that compose the Port of Itaguai, located in Rio de Janeiro, which was transferred to the subsidiary CSN Congonhas Min&#233;rios S.A. on 31, December 2015. Imports of coal and coke are made through this terminal to the steel industry of CSN.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>From November 30, 2015 the Company has transferred its mining assets, which includes the mine Casa de Pedra and the terminal TECAR, to its subsidiary Congonhas Min&#233;rios S.A. In the new structure Congonhas Min&#233;rios S.A. also stared to control Namisa trough out a business combination transaction, the details are described in note 3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It further tin mines, based in the State of Rond&#244;nia, is engaged to supply the needs of UPV, with the excess of these raw materials being sold to subsidiaries and third parties. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN entered in the cement market boosted by the synergy between this new activity and its existing businesses. Next to the Presidente Vargas Steel Mill in Volta Redonda (RJ), it is installed a new business unit: CSN Cimentos, which produces CP-III type of cement by using slag produced by the UPV blast furnaces in Volta Redonda. It also explores limestone and dolomite at the Arcos unit, in the State of Minas Gerais, to satisfy the needs of UPV as of the cement plant. </FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><I><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railroads:</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has equity interests in three railroad companies: MRS Log&#237;stica S.A., which manages the former Southeast Railway System of Rede Ferrovi&#225;ria Federal S.A., Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;) and FTL - Ferrovia Transnordestina Log&#237;stica S.A. (&#8220;FTL&#8221;), which operate the Northeast Railway System of RFFSA, in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas, with TLSA being responsible for the sections of Miss&#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro-Porto de Suape and Miss&#227;o Velha-Porto de Pec&#233;m (Railway System II) and FTL being responsible for the sections of S&#227;o Luiz-Mucuripe, Arrojado-Recife, Itabaiana-Cabedelo, Paula Cavalcante-Macau and Propri&#225;-Jorge Lins (Railway System I).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><I><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ports</FONT></I><B><I><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>: </FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the State of Rio de Janeiro, by means of its subsidiary Sepetiba Tecon S. A., the Company operates the Container Terminal (Tecon) at the Itagua&#237; Port.&nbsp; Located in the harbor of Sepetiba, this port has a privileged highway, railroad and maritime access.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tecon handles the shipments of CSN steel products, movement of containers, as well as storage, consolidation and deconsolidation of cargo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Since the energy is fundamental in its production process, the Company has assets to generate electric power for guaranteeing its self-sufficiency. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Note 26 - Segment Information details financial information per CSN business segment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.a) Basis of preparation </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The consolidated and parent company financial statements have been prepared and are being presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), respective rules issued by CPC (Accounting Pronouncements Committee) and with CVM (Brazilian Securities Commission), applicable to the preparation of financial statements. All the relevant information of the financial statements, and only this information, are being highlighted and correspond to those used by the Company's management.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The preparation of financial statements in conformity with IFRS and CPC requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. It is disclosed in the notes to this report all subjects involving a high degree of judgment or complexity, or when assumptions and estimates are significant to the consolidated financial statements, those subjects are related to the allowance for doubtful debts, provision for inventory losses, provision for labor, civil, tax, environmental and social security contingences, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employee benefits.&nbsp; Actual results may differ from these estimates.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The financial statements are presented in thousands of Brazilian reais (R$). Depending on the applicable IFRS standard, the measurement criteria used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable amount. When the IFRS and the CPC allows us to option between acquisition cost and other measurement criteria, the acquisition cost was the criteria used.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The consolidated and parent company financial statements for the period ended December 31, 2015 are being restated, as presented in note 2.a.b, under the approval by the Company&#8217;s administration and authorized for issuance on November 14, 2016</FONT>&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.b) Consolidated financial statements </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the years ended December 31, 2015 and 2014 include the following direct and indirect subsidiaries, joint ventures and joint operations, as well as the exclusive funds Diplic, Mugen and V&#233;rtice, as follows:</FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>31</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies</FONT></B></FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity interests (%)</FONT></B>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="47%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2015</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2014</FONT></B>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Core business</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#dce6f1 width="47%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest in subsidiaries: full consolidation</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left>&nbsp;</TD></TR>

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   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Islands VII Corp.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Islands IX Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

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   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Islands X Corp. (1)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Islands XI Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

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   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Islands XII Corp.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Minerals S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

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   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Export Europe, S.L.U.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions and Equity interests</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Metals S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests and Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Americas S.L.U.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests and Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Steel S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests and Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>TdBB S.A (*)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sepetiba Tecon S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Port services</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Mining Nacional S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Mining and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Companhia Florestal do Brasil</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Reforestation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Estanho de Rond&#244;nia S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Tin Mining</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cia Metalic Nordeste</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Manufacture of containers and distribution of steel products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Manufacture of containers and distribution of steel products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Cimentos S.A. (2)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cement manufacturing</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Gest&#227;o de Recursos Financeiros Ltda. (*)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Management of funds and securities portfolio</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Congonhas iron ore S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.52</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Mining and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Energia S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sale of electric power</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>89.79</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>88.41</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Railroad logistics</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Nordeste Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Port services</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Indirect interest in subsidiaries: full consolidation</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Companhia Sider&#250;rgica Nacional LLC</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Europe Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Ib&#233;ria Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests and product sales</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Steel and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Acquisitions, Ltd.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Resources S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Holdings (UK) Ltd</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Handel GmbH</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.52</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Companhia Brasileira de Latas</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sale of cans and containers in general and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Rimet Empreendimentos Industriais and Comerciais S. A. (3)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Production and sale of steel containers and forestry</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas MMSA</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.67</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.67</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas - MTM</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.67</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99.67</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Steel Holdings 1, S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Productos Sider&#250;rgicos S.L. (4)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Stalhwerk Th&#252;ringen GmbH</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Production and sale of long steel and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Steel Sections UK Limited (*)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sale of long steel</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Steel Sections Polska Sp.Z.o.o</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSN Asia Limited</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Commercial representation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa International iron ore SLU</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.52</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa Europe, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.52</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests, product and iron ore sales</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa Handel GmbH</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.52</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa Asia Limited</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.52</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Commercial representation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest in joint operations: proportionate consolidation</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Electric power generation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Mining support services and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Electric power consortium</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest in joint ventures: equity method</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A. (5)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Mining and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.64</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Railroad transportation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Aceros Del Orinoco S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>31.82</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>31.82</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Commercial representation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>56.92</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>62.64</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Railroad logistics</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Indirect interest in joint ventures: equity method</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa International iron ore SLU</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa Europe, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity interests and product sales and iron ore</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa Handel GmbH</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial transactions, product sales and Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.63</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Railroad transportation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Namisa Asia Limited</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Commercial representation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="47%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest in associates: equity method</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD bgColor=#dce6f1 width="30%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Arvedi Metalfer do Brasil S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Metallurgy and Equity interests</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;(*) They are Dormant Companies therefore they do not appear in the note 9.a, where is disclosed business information under the equity method.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1) Company terminated in December 2015 due to the merger with CSN Islands VII;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2) Company incorporated in May 2015;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3) Company was incorporated in November 2015;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(4) New corporate name of CSN Steel Holdings 2, S.L.U. amended in May 2015;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(5) Company incorporated in December 2015 by Congonhas Min&#233;rios S.A. (note 9).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></FONT></P>

<DIV align=left>

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



<TR style="HEIGHT: 24.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="54%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=bottom width="23%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity interests (%)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="54%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exclusive funds</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Core business</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Direct interest: full consolidation</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="54%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Diplic - Private credit balanced mutual fund</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00</FONT></FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00 </FONT></FONT></P></TD>

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

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investment fund</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="54%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mugen - Private credit balanced mutual fund</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00 </FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investment fund</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="56%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Caixa V&#233;rtice - Private credit balanced mutual fund</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00</FONT></FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00 </FONT></FONT></P></TD>

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

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investment fund</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>BB Steel - Private credit balanced mutual fund</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00</FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the preparation of the consolidated financial statements the following consolidation procedures have been applied:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions between subsidiaries, associates, joint ventures and joint operations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Unrealized gains on transactions with subsidiaries, joint ventures and associates are eliminated to the extent of CSN&#8217;s equity interests in the related entity by the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although only to the extent that there are not indications of impairment. The Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, reclassifies part of the equity in results of joint ventures to financial costs, cost of sales and income tax and social contribution. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: lime"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The base date to the financial statements of the subsidiaries and joint ventures is the same as of the Company, and their accounting policies are also in line with the policies adopted by the CSN.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries are all entities (including special purpose entities) which financial and operating policies can be conducted by the Company and when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to use its power to affect its returns.&nbsp; The existence and effect of potential voting rights that are actually exercisable or convertible are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date when the control is transferred to the Company and are deconsolidated from the date when such control ceases. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Joint ventures and joint operations</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: lime"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Joint arrangements are all entities over which the Company has joint control with one or more other parties. The investments in joint arrangements are classified as joint operations or joint ventures depending on the contractual rights and obligations of each investor. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Joint operations are accounted for in the financial statements in order to represent the Company's contractual rights and obligations. Therefore, the assets, liabilities, revenues and expenses related to its interests in joint operations are accounted for individually in the financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Joint ventures are accounted for under the equity method and are not consolidated.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, eliminates part of the equity in results of joint ventures to financial costs, cost of sales, net sales and income tax and social contribution.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Associates</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Associates are all entities over which the Company has significant influence but not control, generally through a shareholding percentage from 20% up to 50% of the voting rights. Investments in associates are accounted for under the equity method and are initially recognized at cost. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions and non-controlling interests</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company treats transactions with non-controlling interests as transactions with owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of subsidiary net assets is recorded in shareholders' equity. Gains and losses on disposals to non-controlling interests are also recognized directly in shareholders' equity, in line item &#8220;Valuation adjustments to equity&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Company had disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.c) Parent company financial statements</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In the parent company financial statements, investments in subsidiaries and associates are accounted for by the equity method. To get the same result and equity attributable to equity holders in parent company and consolidated financial statements, were made in both financial statements, the same practice of adjustments upon adoption of IFRS and CPCs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.d) Foreign currencies </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Functional and presentation currency</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Items included in the financial statements are related to each one of the Company's subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The consolidated financial statements are presented in Brazilian reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transactions and balances</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transactions in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions or valuations when their values are remeasured. Foreign exchange gains and losses resulting from the settlement of those transactions and from the translation at exchange rates in effect as of December 31, 2015 related to monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when they are recognized in shareholders' equity as a result of monetary items of foreign operation characterized as foreign investment. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The balances of assets and liabilities are translated by exchange rates prevailing at the end of the reporting period. As of December 31, 2015, US$1 is equal to R$3</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>.9048 </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(R$2.6562 at December 31, 2014) and &#8364;1 is equal to R$4.2504 (R$3.2270 at December 31, 2014).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All other foreign exchange gains and losses, including foreign exchange gains and losses related to borrowings and cash and cash equivalents, are presented in the income statement as finance income or costs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into exchange differences related to the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences related to amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized in shareholders' equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized in profit or loss as part of the gain or loss on the fair value. Exchange differences on investments classified as available-for-sale are included in comprehensive income in shareholders' equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Group companies</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The assets and liabilities of each balance sheet presented are translated by exchange rate at the end of the reporting period; </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates at the transaction dates, in which case income and expenses are translated at the rate in effect at the transaction dates);&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All resulting exchange differences are recognized as a separate component in other comprehensive income; and</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains and losses accumulated in shareholders' equity are included in the income statement when the foreign operation is partially disposed or sold.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in foreign operations are recognized in shareholders' equity. When a foreign operation is partly disposed of or sold, exchange differences previously recorded into other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.e) Cash and cash equivalents</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents include cash on hand, in bank accounts and other short-term highly liquid investments redeemable within 90 days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Certificates of deposit that can be redeemed at any time without penalties are considered as cash equivalents. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.f) Trade receivables</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Trade receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for estimated losses on doubtful debts were recognized in an amount considered sufficient to cover any losses. Management&#8217;s assessment takes into consideration the customer&#8217;s history and financial position, as well as the opinion of our legal counsel regarding the collection of these receivables for recognizing the allowance for estimated losses.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>35</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.g) Inventories</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Inventories are carried at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition of raw materials. The costs of finished goods and work in process comprise raw materials, labor and other direct costs (based on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business, less estimated costs of completion and costs necessary to make the sale.</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp; The allowance for estimated losses on slow-moving or obsolete inventories are recognized when considered necessary. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stockpiled ore inventories are accounted for as processed when removed from the mine. The cost of finished goods comprises all direct costs necessary to transform stockpiled inventories into finished goods.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.h) Investments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments in subsidiaries, joint ventures and associates are accounted for under the equity method of accounting and are initially recognized at cost. The gains or losses are recognized in profit or loss as operating income (or expenses). In the case of foreign exchange differences arising on translating foreign investments that have a functional currency different from the Company&#8217;s, changes in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale investments that impact the subsidiaries&#8217; shareholders' equity, are recognized in line item &#8220;Cumulative translation adjustments&#8221;, in the Company&#8217;s shareholders' equity, and are only recognized in profit or loss when the investment is disposed or written off due to impairment loss. Other investments are recognized at cost or fair value. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When necessary, the accounting policies of subsidiaries, joint ventures and associates are changed to ensure consistency with the policies adopted by the Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.i) Business combination</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The acquisition method is used to account for on each business combination conducted by the Company. The payment obligation transferred by acquiring an entity is measured by the fair value of the assets transferred, liabilities incurred and equity instruments issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement, where applicable. Acquisition-related costs are recognized in profit or loss for the year, as incurred. Identifiable assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.j) Property, plant and equipment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic lives of assets, as mentioned in note 10. The depletion of mines is calculated based on the quantity of ore mined. Land is not depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, that is, used in the mining activity, they are depreciated over the shorter between the normal useful lives of such assets and the useful life of the mine. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement, and consequently reducing the carrying amount of the part that is replaced if it is probable that future economic benefits embodied therein will revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred. Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>If some components of property, plant and equipment have different useful lives, these components are accounted for in separate line items of property, plant and equipment.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif></FONT>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8216;Other operating income (expenses)&#8217;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exploration expenditures are recognized as expenses until the viability of mining activities is established; after this period the subsequent development costs are capitalized. Exploration and valuation expenditures include:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Research and analysis of historical data related to area exploration;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic, geological, geochemical and geophysical studies;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Determine the mineral asset&#8217;s volume and quality/grade;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Examine and test the extraction processes and methods;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic surveys of transportation and infrastructure needs;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Market and financial studies;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The development costs from new mineral deposits or from capacity expansion in mine operations are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The development stage includes:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Drillings to define the ore body;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Access and draining plans;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material (non-economic material that is intermingled with the ore body).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stripping costs (the costs associated with the removal of overburden and other waste materials) incurred during the development of a mine, before production commences, they are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on proven and probable reserves. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stripping costs in the production phase are included in the cost of the inventory produced, except when a specific extraction campaign is made to access deeper deposits of than where ore body is located. In these cases, costs are capitalized and taken to noncurrent assets when the mineral ore deposit is extracted and are amortized over the useful life of the ore body.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset&#8217;s useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in inventories.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.k) Intangible assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets comprise assets acquired from third parties, including through business combinations.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis on the exploration or recovery periods.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mineral rights acquired are classified in line item &#8216;&#8217;other assets&#8217;&#8217; in intangible assets.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets with indefinite useful lives and goodwill based on expected future profitability are not amortized. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a business and the net fair values of the acquiree&#180;s assets and liabilities. Goodwill on acquisitions of subsidiaries is recognized as intangible assets in the consolidated financial statements. In the parent company statements, goodwill is included in investments. The gain on purchase is recognized as a gain in profit for the period at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill is allocated to CGUs for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of Cash-Generating Units that are expected to benefit from the business combination in which the goodwill arose, and recalling that unit is not greater than the operating segment.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs are amortized on a straight-line basis over the estimated useful lives from one to five years.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.l) Impairment of non-financial assets </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject to amortization and/or depreciation, such as property, plant and equipment, are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized by the exciding value of an asset&#180;s recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately identifiable cash flows (Cash Generating Units, or CGUs). Non-financial assets, except for goodwill, are subsequently reviewed for possible reversal of the impairment at the reporting date.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.m) Employee benefits</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined contribution plans </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>A defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity (pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions to defined contribution pension plans are recognized as employee benefit expenses in the periods during which services are provided by employees. Contributions paid in advance are recognized for an asset since it is agreed that either cash reimbursement or future reduction on payables will flow back to CSN. Contributions to a defined contribution plan that is expected to mature twelve (12) months after the end of the period in which the employee provides services are discounted to their present values. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined benefit plans</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&#8217;s net obligation regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted to its present value. The discount rate is the yield presented at the end of the reporting period for top line debt securities whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the same currency as the one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified actuary using the projected unit credit method.&nbsp; When the calculation results in a benefit for the Company, the asset to be recognized is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available in the form of future plan reimbursements or reduction in future contributions to the plan.&nbsp; In calculating the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any Company plan. An economic benefit is available to the Company if it is realizable during the life of the plan or upon settlement of the plan&#8217;s liabilities.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service. The expected costs of these benefits are accumulated during the employment period, and are calculated using the same accounting method used for defined benefit pension plans. These obligations are annually valued by qualified independent actuaries.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized in profit or loss until the benefits become vested. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company recognizes all actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income. If the plan is extinguished, actuarial gains and losses are recognized in profit or loss. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit sharing and bonus</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee profit sharing and executives&#8217; variable compensation are linked to the achievement of operating and financial targets. The Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and administrative expenses when such goals are met.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.n) Provisions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation and it has reliable cost estimation.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amount recognized as a provision is the best value estimation required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is probable that reimbursement will be received and that the amount of the receivable can be measured reliably.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.o) Concessions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has governmental concessions to provide the following types of services: railway and port transportation managed by Company&#180;s subsidiaries and joint-ventures. The concessions included in the consolidated financial statements are related to the rail network in the Northeast area, managed by the subsidiary FTL, the container terminal in Itagua&#237;, managed by the subsidiary TECON and the port terminal TECAR for exporting ore and importing coal, which is managed by the subsidiary Congonhas. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company&#180;s concession contracts are not within the scope of the international interpretative standard ICPC01/IFRIC12, considering that the grantor (refers to the government) has effectively no control over what, to whom and at what price the services will be provided by the dealer (refers to the private part) to the customers. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In essence, all concession contracts has operating leasing characteristics. Therefore, the accounting should follow the accounting rules applicable to leases.</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Our concession agreements provide for the use of a specific asset for an agreed period of time, but without any transfer of ownership to the Company or option to buy these assets after the completion of these contracts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Payments made under operating leases are recognized in the income statement on a straight line basis over the period of the contracts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>There are assets related to our concessions which are subject to reversion to the grantor at the end of the concession agreement. The residual carrying amounts of these assets on December 31, 2015 are listed below with an indication of their classification in our financial statements:</FONT></FONT></P>

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<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Concession</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="34%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Residual carrying amount </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Classification in the balance sheet</FONT></B></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>TECON</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="34%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$ 244 million</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fixed assets: Property, plant and equipment</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets: software</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>TECAR</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="34%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$ 1,611 million</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fixed assets: Property, plant and equipment</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets: software</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>FTL</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="34%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$263 million</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fixed assets: Property, plant and equipment</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets: software</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>TLSA</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="34%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$7,001 million(1)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investments</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MRS</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="34%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$3,679 million(2)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investments</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amount of fixed and intangible assets is recognized in TLSA&#8217;s financial statements. We recognize our interest in the net assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2015 was R$1,930 million.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amount of fixed and intangible assets is recognized in MRS&#8217;s financial statements. We recognize our interest in the net assets of MRS by the de equity method and our investment balance in MRS as of December 31, 2015 was R$557 million.</FONT></FONT></P>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.p) Share capital </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 24pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Common shares are classified in shareholders' equity. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Incremental costs directly attributable to the issue of new shares or options are shown in shareholders' equity as a deduction to the amount received, net of taxes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When any Company of the Group buys Company shares (treasury shares), the amount paid, including any directly additional costs (net of income tax), is deducted from shareholders' equity attributable to owners of the Company until the shares are canceled or reissued. When these shares are subsequently reissued, any amount received, net of any directly attributable additional transaction costs and the related income tax and social contribution effects, is included in shareholders' equity attributable to owners of the Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.q) Revenue recognition</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Operating revenue from the sale of goods in the normal course of business is measured at the fair value of the receivables. Revenue is recognized when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods can be reliably estimated, there is no continued involvement with the </FONT></FONT>

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<FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>goods sold, and the amount of the operating revenue can be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized as it is realized.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of term of the contract term.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.r) Finance income and finance costs </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Finance income includes interest income from funds invested (except available-for-sale financial assets), dividend income not accounted for under the equity method, gains on disposal of available-for-sale financial assets, changes in the fair value of financial assets measured at fair value through profit or loss, and gains on derivative instruments that are recognized in profit or loss. Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or loss when the Company&#8217;s right to receive payment has been established. Distributions received from investees accounted for under the equity method reduce the investment value. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Finance costs comprise interest expenses on borrowings, dividends on preferred shares classified as liabilities, losses on the fair value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets, and losses on derivative instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest method. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Foreign exchange gains and losses are reported on a net basis.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.s) Income tax and social contribution</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Current income tax and social contribution are calculated based on the tax laws enacted by the end of the reporting period, including in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions taken in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Group recognizes provisions where appropriate, based on the estimated payments to tax authorities. The income tax and social contribution expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss unless they are related to business combinations or items recognized directly in shareholders' equity. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Current tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted by the end of the reporting period and any adjustment to taxes payable in relation to prior years.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and joint ventures when it is probable that they will not reverse in the foreseeable future. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Moreover, a deferred tax liability is not recognized for taxable temporary differences resulting from the initial recognition of goodwill. The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on the laws enacted by the end of the reporting period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Current income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there are amounts payable or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>A deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and deductible 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. Annually, the Company reviews and verifies the existence of future taxable income and a provision for loss is recognized when the realization of these credits is not likely in less than 10 years.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.t) Earnings/(Loss) per share </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Basic earnings/loss per share are calculated by means of the profit/loss for the year attributable to owners of the Group and the weighted average number of common shares outstanding in the related period. Diluted earnings/loss per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially convertible into </FONT></FONT>

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<FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>shares, with diluting effect, in the reported periods. The Group does not have any instruments potentially convertible into shares and, accordingly, diluted earnings/loss per share are equal to basic earnings/loss per share.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.u) Environmental and restoration costs&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company recognizes a provision for the recovery costs and fines when a loss is probable and the amounts of the related costs can be reliably measured. Generally, the period when the provision for recovery is recognized coincides with the end of a feasibility study or the commitment to adopt a formal action plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expenses related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization is considered appropriate when the expenses refer to items that will continue to benefit the Group and that are basically related to the acquisition and installation of equipment to control and/or prevent pollution. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.v) Research and development</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Research expenditures are recognized as expenses when incurred. Expenditures on project developments (related to the design and testing stages of new or improved products) are recognized as intangible assets when it is probable that projects will be successful, based on their commercial and technological feasibility, and only when the cost can be reliably measured. When capitalized, development expenditures are amortized from the start of a product commercial production, on a straight-line basis and over the period of the expected benefit.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i)</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets are classified into the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at the time of initial recognition.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets measured at fair value through profit or loss</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments. Assets in this category are classified in current assets. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and receivables</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables, other receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair value.&nbsp; Loans and receivables are carried at amortized cost using the effective interest method.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Held-to-maturity assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment loss.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Available-for-sale financial assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category. They are included in non-current assets when they are strategic investments for the Company, unless Management intends to dispose of the investment within 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at fair value.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recognition and measurement</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Regular purchases and sales of financial assets are recognized at the trading date - the date on which the Company undertakes to buy or sell the asset. Investments are initially recognized at their fair value, plus transaction costs for all financial assets not classified as at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and the transaction costs are charged to the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the </FONT></FONT>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains or losses resulting from changes in the fair value of financial assets measured at fair value through profit or loss are presented in the income statement under &#8220;finance income&#8221; in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other finance income when the Company&#8217;s right to receive the dividends has been established. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The changes in the fair value of available-for-sale financial assets are recognized as follows: (i) the effects of foreign exchange differences and the changes in the fair value of the investment in the investee&#8217;s capital are recognized directly in the Company&#8217;s shareholders&#8217; equity, in &#8220;Other comprehensive income&#8221; and; (ii) the effects of foreign exchange differences and the changes in the option&#8217;s fair value are recognized in the income statement for the year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement as part of other finance income when the Company&#8217;s right to receive payments has been established.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques. These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are substantially similar, analysis of discounted cash flows, and option pricing models that make maximum use of market inputs and relies as little as possible on entity-specific inputs.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii)</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of financial assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company evaluates in the end of each reporting period whether there is an evidence that a financial asset or a group of financial assets are </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>impaired</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets measured at amortized cost</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there are evidences of impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;),such loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets and the future cash flow estimation can be reliably calculated..</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The criteria used by CSN to determine whether there are evidences of impairment loss includes:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>significant financial weakness related to the issuer or counterparty;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a breach of contract, such as default or delinquency at interest or principal payments;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>the issuer, for economic or legal reasons relating to the borrower&#8217;s financial weakness, grants to the borrower a concession that the lender would not otherwise consider;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>it becomes probable that the borrower will incur in bankruptcy or other financial reorganization;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>the disappearance of an active market for the related financial asset because of financial weakness; or</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of such assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Adverse changes in the payment status of borrowers in the portfolio; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- National or local economic conditions that correlate with defaults on the assets in the portfolio.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amount of the loss is measured by the difference between the carrying amount of the asset and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the current effective interest rate determined pursuant to the contract. As a practical expedient, the Company may measure impairment on the basis of an instrument&#8217;s fair value using an observable market price.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the previously recognized impairment loss is reversed and recognized in the consolidated income statement.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets classified as available-for-sale</FONT></B></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In the case of equity securities classified as available-for-sale, a significant or prolonged decline at the fair value of an investment in an equity instrument below of its cost is also an evidence of impairment. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Determining what is considered a &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost as well as the financial health and short-term business prospects for the investee, including factors such as:&nbsp; industry and segment performance, changes in technology and operating/financial cash flows. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>If&nbsp; any of the impairment evidences is observed for available-for-sale financial assets, the cumulative loss&#8212;measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recorded in profit or loss&#8212;is reclassified from equity to profit or loss. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Impairment losses recognized in the income statement as available-for-sale instruments are not reversed.</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN tested for impairment its available-for-sale investment in Usiminas shares, see note 13 &#8211; Financial Instruments. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii)</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial liabilities are classified categories &#8216;&#8217;measured at fair value through profit or loss&#8217;&#8217; and &#8216;&#8217;other financial liabilities&#8217;&#8217;. Management determines the classification of its financial liabilities at the time of initial recognition.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial liabilities measured at fair value through profit or loss</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial liabilities measured at fair value through profit or loss are financial liabilities held for trading or designated as at fair value through profit or loss.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Derivatives are also classified as trading securities, and thereby are classified so, unless they have been designated as effective hedging instruments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;Other financial liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other financial liabilities are measured at amortized cost using the effective interest method.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company holds the following non-derivative financial liabilities: borrowings, financing and debentures, as well as trade payables.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Offsetting of financial instruments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to set off the recognized amounts as well as the intention to either settle them on a net basis or to realize the asset and settle the liability simultaneously. </FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif></FONT>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv)</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivative instruments and hedging activities</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivatives measured at fair value through profit or loss</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Derivatives are initially recognized at fair value on the date when a derivative contract is entered, thereafter they are subsequently measured at their fair value and any changes are recognized as &#8220;Finance income (costs)&#8221; in the income statement. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cash flow Hedge activities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company adopts hedge accounting and designates certain financial liabilities as a hedging instrument of a foreign exchange risk associated to the cash flows from forecast, highly probable exports (cash flow hedges).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At the inception of the transaction, the Company documents the relationships between the hedging instruments and the hedged items, as well as its risk management objectives and strategy for undertaking hedging transactions. The Company also documents its assessment, both at the inception of the hedge and on an ongoing basis, of whether the hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The effective portion of the changes in the fair value of financial liabilities designated and qualifying as cash flow hedge is recognized on equity, in line item "Hedge accounting&#8221;. Any gain or loss related to the ineffective portion is recognized immediately in profit or loss.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts accumulated in equity are realized at the income statement in the periods when the forecast exports affect profit or loss. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When a hedging instrument expires, is settled in advance or the hedging relationship no longer meets the hedge accounting criteria, or even when Management decides to discontinue hedge accounting, all cumulative gains or losses recorded in&nbsp; equity at the time remain recognized in&nbsp; equity. When the forecast transaction is completed, the gain or loss is reclassified to profit or loss. When a forecast transaction is no longer expected to take place, the cumulative gain or loss previously recognized in shareholders&#8217; equity is immediately transferred to the income statement, in line item &#8220;Finance income (costs)&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The movements in the hedge amounts designated as exporting cash flow hedges are stated in note 13.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net investment hedge activities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For net investment hedge, the Company designates part of its financial liabilities as hedging instruments of its overseas investments with functional currencies other than the Group&#8217;s functional currency, according to CPC38/IAS39. Such relationship occurs since the maturity of the financial liabilities is related to the exchange variation of the investments in the amounts required for the effective relationship.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking out various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values of the hedged item.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The effective portion of changes in the fair value of financial liabilities that are designated and qualify as a net investment hedge is recognized in equity in line item &#8220;Hedge Accounting&#8221;. The gain or loss relating to the ineffective portion is recognized in finance income (costs), when applicable. If at some point of the hedging relationship the balance of the debt is higher than the balance of the investment, the exchange variation on the excess debt will be reclassified to the statement of profit or loss as a finance income/cost (ineffectiveness of the hedge).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts accumulated in equity will be realized in the statement of profit or loss upon disposal or partial disposal of the foreign operation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The changes in the amounts of hedge denominated as Net investment hedge are shown in note 13.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.x) Segment information</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>An operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur expenses, including revenues and expenses related to transactions with any other components of the Group.&nbsp; All the operating results of operating segments are reviewed regularly by the Executive Officers of CSN to enable decisions regarding resources to be allocated to the segment and assessment of its performance. The Company&nbsp; maintains distinct financial information for the distinct segments.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.y) Government grants </FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Government grants are not recognized until there is reasonable assurance that the Company will comply to the conditions attaching to them and assurance that the grants will be received, so then they will be recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs that the grants are intended to compensate. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 25.5pt"><FONT style="LINE-HEIGHT: 115%" color=windowtext><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.z) New standards and interpretations issued and not yet adopted </FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following standards, amendments to standards and IFRS interpretations issued by the IASB are not yet effective and were not early adopted by the Group for the year ended December 31, 2015:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IAS 16 and IAS 38</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Property, Plant and Equipment</FONT></I></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> and </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible Assets</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> &#8211; in May 2014 these accounting standards were revised to clarify that the revenue method will no longer be permitted for depreciation or amortization purposes.</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2016</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS 10 and IAS 28</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements</FONT></I></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> and </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investments in Associates and Joint Ventures</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> &#8211; in September 2014 a revision was issued proposing that the gain or loss resulting from the sale or contribution of a subsidiary that does not constitute a business as defined in IFRS&nbsp;3 to an investor&#8217;s subsidiary or joint venture should only be recognized to the extent of the unrelated investors' interests in the subsidiary or joint venture. </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2016</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS 7</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial Instruments: Disclosures</FONT></I></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> &#8211; in September 2014 the IASB revised IFRS 7 to provide guidance to clarify whether a servicing contract is continuing involvement and that the additional disclosure requirements are not specific for interim reporting periods. This change has not yet been ratified by the CPC and should be adopted from 2016, with earlier application permitted.</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2016</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS 9</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial Instruments</FONT></I></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. IFRS 9 retains, but simplifies, the combined measurement model and establishes two main measurement categories of financial assets: amortized cost and fair value. The classification basis depends on the entity&#8217;s business model and the characteristics of the financial asset's contractual cash flow. </FONT></FONT></P>

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS 9 retains most of IAS 39 requirements for financial </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>liabilities. </FONT></FONT></P>

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main change refers to those cases where the </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>fair value of the </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>financial </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>liabilities must be segregated so that the fair value portion related to the entity&#8217;s credit risk is recognized in &#8220;Other comprehensive income&#8221; and not in profit or loss for the period. </FONT></FONT></P>

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The guidance on IAS 39 on the impairment of financial assets and hedge accounting is still applicable. </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2018</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS 11</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amendments to IFRS 11 provide guidance on how to account for the acquisition of a joint operation that constitutes a business as defined in IFRS 3 for a business combination. The amendments also make it clear that the equity interest previously held in a joint operation is not re-measured on the acquisition of an additional equity interest in the same joint operation for as long as joint control is retained.</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2016</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS15</FONT></FONT></P>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Revenue from Contracts with Customers</FONT></I></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This new standard introduces the principles that an entity will apply to determine the revenue measurement and when such revenue shall be recognized.</FONT></FONT></P>

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS15 replaces IAS 11 </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Construction Contracts</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>, IAS 18 </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Revenue</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>, and related interpretations. </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2018</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS16</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defines the principles for recognition, measurement,</FONT></I></FONT></P>

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>presentation and disclosure of leases. IFRS 16 replaces IAS17 - Leases and related interpretations.</FONT></I></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2019</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 1.45pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>There are no other standards, amendments to standards and interpretations not yet effective that the Group expects to have a material impact on its financial statements.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.a.a) Restatement of accounting balances of 2014</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company reclassified in 2014 the balances of forfaiting transactions and drawee risk with commercial suppliers originally presented in balance sheet as line item trade payables to loans and financing, as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Balance Sheet at December 31, 2014</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Published balances</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reclassifications</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Adjusted balances</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reclassifications</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Adjusted balances</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Assets</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49,767,100</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,638,505</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(470,679)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,167,826</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,390,311</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(470,679)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>919,632</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings and financing</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>29,883,379</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>470,679</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>30,354,058</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>29,090,147</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>470,679</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>29,560,826</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Other liabilities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12,510,241</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12,510,241</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>13,422,541</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>13,422,541</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>44,032,125</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>44,032,125</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>43,902,999</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>43,902,999</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="17%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total equity</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,734,975</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,734,975</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,696,468</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Forfaiting</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Trough out the financial years 2014 and 2015 the Company purchased raw materials from its suppliers located abroad through a foreign trade operation called Forfaiting, in which the financial institution makes the payment in cash to exporter by the net values of the securities (discount rate and other possible expenses already deducted), allowing the Company to finance imported goods by an yearly interest rate from 1.25% to 3.28%, maturing in 12 months. As of 31 December, 2015, this liability amounted to R$ 288,772 in consolidated and parent company (R$ 414,442 at December 31, 2014, in consolidated and parent company).</FONT></FONT></P>

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<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Drawee risk</FONT></B></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>During the financial years 2014 and 2015 the Company carried out transactions denominated drawee risk, the transaction occurs when the financial institution engaged by the Company anticipates to suppliers the debt securities, so then subsequently receives from the Company on the maturity date those anticipated values. As of 31 December, 2015, this liability amounted to R$84,063 in consolidated and parent company (R$56,237 at December 31, 2014, in consolidated and parent company).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b) Statements of cash flows at December 31, 2014</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,454,528</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net cash generated by operating activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,188,385</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(364,676)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>823,709</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Cash used in investing activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,657,743)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,657,743)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Cash generated by financing activities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Forfaiting funding / drawee risk</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>641,430</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>641,430</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Forfaiting amortization / drawee risk</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(276,754)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(276,754)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Others</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(896,015)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(896,015)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net cash used in financing activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(896,015)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>364,676</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(531,339)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Exchange rate changes on cash and cash equivalents</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,722</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,722</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Decrease in cash and cash equivalents</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,309,651)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,309,651)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Published balances</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Reclassifications</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Adjusted balances</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Cash generated by operating activities</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Loss of the period</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(105,218)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(105,218)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Trade payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,884</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(362,598)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(326,714)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Paid Interests</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,425,935)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,078)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,428,013)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Others</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,308,361</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,308,361</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net cash generated by operating activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>813,092</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(364,676)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>448,416</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Cash used in investing activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,407,716</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,407,716</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Cash generated by financing activities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Forfaiting funding / drawee risk</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>641,430</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>641,430</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Forfaiting amortization / drawee risk</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(276,754)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(276,754)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Others</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>718,829</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>718,829</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net cash used in financing activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>718,829</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>364,676</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,083,505</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Exchange rate changes on cash and cash equivalents</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>132</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>132</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="51%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Decrease in cash and cash equivalents</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,939,769</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,939,769</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c) Statement of income and statement of comprehensive income at December 31, 2014</FONT></B></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has not presented the others statements as of 2014 since the changes in those tables were not materi</FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>49</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.a.b) Restatement of the Financial Statements of December 31, 2015</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company is voluntarily restating its consolidated financial statements for the fiscal year ended December 31, 2015 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>due to a change in the interpretation of the application of the Technical Pronouncement CPC 15/ IFRS 3</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> in the period after the publication of these financial statements, as required by the accounting pronouncement CPC23/IAS8. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The change in the interpretation of the CPC/IFRS was identified by reassessing the events triggered by the inquiries made by the </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Securities Exchange Commission</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (SEC) on the accounting procedure for the presentation of the non-controlling interests of the subsidiary Congonhas Min&#233;rios in the Company&#8217;s consolidated financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As mentioned in Note 3, on November 30, 2015, Congonhas Min&#233;rios acquired the control of the joint venture Nacional Min&#233;rios (&#8220;Namisa&#8221;) and applied the CPC 15/IFRS3 for the accounting of the business combination, using the acquisition method. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The legal implementation of the transaction took place on November 30, 2015 and was carried out through the primary issuance of shares by Congonhas Min&#233;rios with the payment, by the Cons&#243;rcio Asi&#225;tico, of 40% of its shares held in Namisa. Act subsequent to the payment, Congonhas and CSN signed a Shareholders' Agreement of Namisa granting the majority control of Namisa to Congonhas on the same date. On December 31, 2015, Namisa was merged into Congonhas, extinguishing the said Shareholders' Agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The application of the acquisition method for the business combination resulted in net gains of R$2.9 billion in the statement of income of Congonhas coming from the remeasurement to fair value of the 60% interest in Namisa and from the elimination of the pre-existing relationships related to the operating agreements between Namisa and Congonhas. These gains were fully recorded in Congonhas, the acquirer for the purposes of this business combination. On the other hand, to implement the operation, CSN had recorded in its financial statements previously filed a gain of R$1.9 billion directly in its net equity from the change in its equity interest in Congonhas, which is being adjusted to a gain of R$1.6 billion. These amounts are detailed in Note 3.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The interpretative aspect of the CPC/IFRS application in this operation stems from the moment the gains are recorded and how these gains are allocated between the shareholders of Congonhas at the acquisition date. In the previous accounting procedure, even with the entire transaction being carried out on a single date, the corporate actions complied with a specific order in which the Company based its interpretation for the allocation of the gains to controlling and non-controlling shareholders. Within this context, Congonhas would have admitted the Cons&#243;rcio Asi&#225;tico in its shareholder base before the acquisition of control of Namisa, the reason why the gains with the business combination were allocated to the shareholders considering their respective equity interests in the capital of Congonhas, i.e., 87.52% to CSN and 12.48% to the Cons&#243;rcio Asi&#225;tico. Pursuant to the new interpretation of the events that took place on November 30, 2015, the gains from the business combination were recorded in Congonhas before the admission of the Cons&#243;rcio Asi&#225;tico in Congonhas' shareholder base and, for this reason, these gains are being exclusively allocated to the shareholder CSN.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table summarizes the change of the approach:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Thus, the new interpretation for the implementation of the transaction gives rise to the gains from the business combination being presented as follows:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Income Statement</FONT></B></P>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D<FONT style="FONT-SIZE: 8pt" face=Arial>ecember 31, 2015</FONT></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Re<FONT style="FONT-SIZE: 8pt" face=Arial>stated</FONT></FONT></B></P></TD>

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

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity in earnings of investees</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,160,348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,160,348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,968,872 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,328,769 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net income for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributed to:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>358,055 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(359,897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,842)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,896 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,617,793 </FONT></B></P></TD></TR></TABLE>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<a name="_bclFooter51"></a><DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>50</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<P></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<IMG border=0 align=right src="iconecsn.jpg">

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Net Equity</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December, 31 2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="47%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>As presented</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Issued capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,540,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,104,804 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,464,701 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Legal reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>424,536 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,995 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>442,531 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Statutory reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,895,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>256,426 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,151,920 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Earnings reserves to realize</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,750 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85,476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>109,226 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(238,976)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(238,976)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,019,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(359,897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>660,016 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Shareholder's equity attributed to controlling interest</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,664,747 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,664,747 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,070,916 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,070,916 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total shareholders's equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,735,663 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,735,663 </FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The restatement above does not affect the consolidated results of the Company and does not change its net equity, being only a reallocation between certain line items.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BUSINESS COMBINATION - </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Acquisition of control of Nacional Min&#233;rios S.A. (Namisa)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.1 Object of transaction</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On December 11, 2014, the Board of Directors of CSN approved the establishment of a strategic alliance with an Asian Consortium comprised by the companies ITOCHU Corporation, JFE Steel Corporation, POSCO, Ltd., Kobe Steel Ltd., Nisshin Steel Co, Ltd. and China Steel Corp. (&#8220;Asian Consortium&#8221;).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The transaction consisted of a business combination through which the Asian Consortium contributed its equity interest of Namisa (40%) into Congonhas Min&#233;rios S.A. (&#8220;Congonhas Min&#233;rios&#8221;), a mining subsidiary of CSN. After the corporate restructuring, Congonhas Min&#233;rios became the holder of the commercial establishment related to CSN&#8217;s iron ore mine Casa de Pedra, CSN&#8217;s equity interest of Namisa (60%), 8,63% direct interest in MRS, as well as the right to manage and operate the solid bulk terminal of TECAR in Itagua&#237; Port (&#8220;TECAR&#8221;).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The transaction was concluded by the signing of a shareholders agreement by the shareholders of Congonhas Min&#233;rios, on November 30, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following steps were carried out in order to conclude the transaction:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Payment of dividends by Namisa before closing of the transaction, amounting to US$1.4 billion (equivalent to R$5.4 billion);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Restructuring of Congonhas Min&#233;rios&nbsp; through the contribution, by CSN, of the assets and liabilities related to Casa de Pedra, the rights to operate TECAR, 60% of Namisa&#8217;s shares, 8.63% of MRS&#8217; shares, and US$850 million in debt (equivalent to R$3,370 million, as presented in note 9.c);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Acquisition, by Congonhas Min&#233;rios, of 40% of the Namisa shares held by the Asian Consortium, resulting in the incorporation of Namisa by Congonhas Min&#233;rios;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Signing of a shareholders agreement (&#8220;Shareholders&#8217; Agreement&#8221;) by the shareholders of Congonhas Min&#233;rios;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Payment by CSN of US$680 million relating to the acquisition of 4% of the shares held by the Asian Consortium in Congonhas Min&#233;rios and additional US$ 27 million relating to the&nbsp; acquisition of 0.16% of the shares held by the Asian Consortium in Congonhas Min&#233;rios, amounting to US$ 707 million (equivalent to R$2.7 billion);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Settlement of the pre-existing agreements with Namisa for supply of high-silicon and low-silicon content ROM (Run of Mine), port services and ore beneficiation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following charts show the corporate structure before and after the transaction:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>51</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the position of Congonhas Min&#233;rios&#8217; assets, the contributions made by the Asian Consortium in the transaction, as well as adjustments resulting from the negotiations between the parties and adjustments of debt, cash and working capital, CSN and the Asian Consortium held, respectively, equity stakes of 87.52% and 12.48% in the capital stock of Congonhas Min&#233;rios upon conclusion of the transaction.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The transaction also includes an earn-out mechanism by which, in the event of a qualified liquidity event occurred under certain valuation parameters and within a defined time period after the closing of the transaction, the Asian Consortium&#8217;s equity interest in Congonhas Min&#233;rios could be diluted, at CSN&#180;s sole discretion, from 12.48% to 8.21%. This mechanism was considered as a contingent asset and no related value was accounted thereto.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Part of the iron ore produced by Congonhas Min&#233;rios will be sold to the members of the Asian Consortium and to CSN. Such rights are reflected in long-term supply agreements entered into on November 30, 2015, which terms were negotiated on usual market conditions. CSN also ensured the use of TECAR for import of raw materials through a long-term agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.2 Application of CPC15/IFRS3 to the transaction</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Prior to the transaction, Namisa was managed by means of a shareholders agreement, through which the Asian Consortium had sufficient vetoes that grant it substantial management rights over the operations. With respect to accounting, Namisa was classified as a joint venture within the scope of IFRS 10 and 11. CSN recorded its 60% equity interest in Namisa according to the equity method.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif></FONT>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As mentioned above, CSN carried out a corporate restructuring involving the transfer of its mining operations, rights to operate the port terminal TECAR and equity interests in Namisa and MRS to Congonhas Min&#233;rios. This step of the transaction was carried out based on the book value of the assets, since there was no change control over the assets and equity stakes transferred. Upon conclusion of the corporate restructuring, Congonhas Min&#233;rios became the&nbsp; controlled company of CSN that concentrates the group&#8217;s mining businesses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As a result of the transaction, Namisa became fully controlled by Congonhas Min&#233;rios. The Asian Consortium holds only protective vetoes in relation to the assets resulting from the business combination, usual in this type of transaction.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Accordingly, since there has been alteration of control over Namisa&#8217;s assets, CPC15/IFRS3 should be applied. Under the parameters of such accounting standards, the acquisition date for purposes of accounting records was November 30, 2015 and the acquirer considered for transaction purposes was Congonhas Min&#233;rios. Namisa was the acquiree.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.3 Application of the acquisition method</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Under CPC15/IFRS3, the acquisition method shall be applied for recording the transaction. The method consists of the following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a) determining the purchase price;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b) recognizing the amount of the goodwill based on expectations for future profitability; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c) recognizing a gain or loss on pre-existing relations that should be settled with the business combination.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These three steps are applicable to the acquisition of control over Namisa, and they are detailed as follows.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Determination of the purchase price</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>According to CPC15/IFRS3, the purchase price is determined by the sum of the transferred assets, liabilities incurred, equity interests issued, non-controlling equity interests and the fair value of any equity interest held prior to the transaction. The following table summarizes the price considered for accounting purposes:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Item</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="42%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Comment</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$ million</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Ref.</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="32%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Assets transferred</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>A payment in the amount of USD707MM is being carried out in the transaction.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,727</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(i)</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="32%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Liabilities assumed</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Refers to financial adjustment of working capital and<BR>debt.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(i)</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="32%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Equity interests issued</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Congonhas Min&#233;rios issued shares that were delivered to the Asian Consortium.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,619</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(ii)</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="32%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value of the equity interest held by the acquiring company in the company acquired immediately prior to the combination</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Congonhas Min&#233;rios held 60% of the Namisa shares prior to the business combination and appraised such equity interest at fair value.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>8,023</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(iii)</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="75%" colSpan=3>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Purchase price considered for the business combination</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>13,375</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets transferred and liabilities assumed</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Subsequent to the capital increase, the transaction included a payment made for acquisition of 4.16% of Congonhas Min&#233;rios&#8217; shares held by the Asian Consortium in the amount of US$707 million, equivalent to R$2,727 as of November 30, 2015 and a liability amounting to R$6 to be paid along 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Even though such payment was carried out by CSN for the acquisition of Congonhas Min&#233;rios shares, its economic effect was recorded at Congonhas Min&#233;rios as an integral part of the consideration received due to the control acquisition over Namisa, according to the guidelines provided by CPC15/IFRS3. </FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif></FONT>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>53</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity interests issued &#8211; Shares in capital stock of Congonhas Min&#233;rios</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Congonhas Min&#233;rios performed the primary issue of shares to the Asian Consortium representing 12.48% of its total capital. Pursuant to CPC15/IFRS3, such shares were appraised at fair value as of the acquisition date.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Such appraisal was performed using the discounted cash flow method, considering the business plans approved by the shareholders of Congonhas Min&#233;rios. The main premises of such appraisal and the results thereof are described in the table below:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Premises</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Figures</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Volumes of iron ore</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="54%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>60Mt/year over the long-term</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Prices - Platts CFR China 62% Fe</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="54%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Intervals from US$56 to US$75</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Discount rate</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="54%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Nominal WACC of 13.91%</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value as of Nov. 30, 2015 (equity value)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="54%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$20,988 million</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Percentage of shares held by the Asian Consortium after acquisition of the 4.16% equity interest</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="54%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12.48%</FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value attributed to the shares issued</FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="54%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$2,619 million</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The fair value of Congonhas Min&#233;rios was calculated by independent appraisers who issued an appraisal report.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii. 60% equity interest in Namisa held prior to the acquisition</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Congonhas Min&#233;rios held 60% of Namisa&#8217;s shares immediately prior to the transaction regarding the acquisition of control be concluded. Such shares were appraised under the equity method.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>According to item 41 of CPC15/IFRS3, such shares are part of the consideration transferred and should be measured at their fair value as of the acquisition date. A gain or loss resulting from the difference between the fair value and the carrying amount recorded immediately prior to the acquisition should be recognized in profit or loss for the year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The appraisal of the fair value of Namisa was conducted according to the discounted cash flow method, considering the business plans in effect prior to the transaction and approved by the shareholders. The main premises of such appraisal and the results thereof are shown in the following table:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Premises</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Figures</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Volumes of iron ore</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>40Mt/year over the long term</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Prices - Platts CFR China 62% Fe</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Intervals from US$56 to US$75</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Discount rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Nominal WACC of 14.36%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value as of Nov. 30, 2015 (equity value)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$13,375 million</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value attributed to the 60% participation </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(a)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$8,023 million</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Elimination of 60% on the gain of a pre-existing relationship </FONT><SUP><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>(1)</FONT></B></SUP></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$933 million</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value after elimination of pre-existing relationship (a)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$ 8,956 million</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Carrying amount on November 30, 2015 (60%) (b)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$ 6,164 million</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Gain </FONT></B><FONT style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>on appraisal of the 60% stake at fair value (a&#8211;(b)</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$2,792 million</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to item b(i) below, Namisa assets related to pre-existing contracts were adjusted to fair value at the acquisition date. The presentation of the gain in the valuation of the initial participation at fair value considers the elimination of 60% of the gain on the settlement of pre-existing relationship.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The fair value of Congonhas Min&#233;rios was calculated by independent appraisers who issued an appraisal report. </FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>54</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill on acquisition of control over Namisa</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to CPC15/IFRS3, the acquirer shall recognize goodwill based on expectations for future profitability as of the acquisition date, measured by the amount at which the purchase price exceeds the fair value of the assets and liabilities acquired (Purchase Price Allocation &#8211; PPA). The transaction generated goodwill of R$3,691 million, as per the table below:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Item</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>R$ million</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Ref.</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Purchase price considered</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c5d9f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>13,375</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Item (a)</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value of the assets and liabilities acquired</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>9,684 </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(i)</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Goodwill based on expectations for future profitability (Note 11)</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3,691</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The goodwill based on expectations for future profitability is recorded under Intangible Assets and, since it does not have a definite useful life, it is not amortized, according to CPC 04. As from 2016, CSN will begin conducting impairment testing for this asset according to the requirements established by CPC 01.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of the assets and liabilities acquired</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The following table shows the fair value allocation breakdown for 100% of the assets acquired and liabilities assumed as of November 30, 2015, calculated on the basis of reports prepared by independent appraisers:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Carrying amounts </FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value adjustments</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(-) Write-off of goodwill recorded at Namisa</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total fair value </FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current assets</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,287,126</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,287,126</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>783,256</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>783,256</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trade receivables </FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>253,216</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>253,216</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>ROM and port advance - Congonhas </FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>113,847</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>113,847</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other assets </FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>136,807</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>136,807</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current assets</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,894,866</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(189,319)</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(578,531)</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,127,016</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>ROM and port advance - Congonhas </FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,310,901</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,554,121)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,756,780</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>144,982</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>144,982</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>MRS shares - 10% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>306,190</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>480,610</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>786,800</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>550,825</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>156,271</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>707,096</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intang&#237;ible assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>581,968</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>727,921</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(578,531)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>731,358</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total assets acquired </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,181,992</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(189,319)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(578,531)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,414,142</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,640,873</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,640,873</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Borrowings and financing</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,680</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,680</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trade payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>29,037</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>29,037</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes payable </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>296,911</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>296,911</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends proposed (US$300 million) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,156,800</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,156,800</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other payables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153,445</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153,445</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>266,224</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,402</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(196,700)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>88,926</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Borrowings and financing</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,307</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,307</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for contingencies </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,486</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,486</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred taxes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>215,783</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,402</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(196,700)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,485</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other payables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,648</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,648</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total liabilities assumed </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,907,097</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,402</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(196,700)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,729,799</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total equity acquired </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,274,895</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(208,721)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(381,831)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,684,343</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>According to CPC15/IFRS3, the goodwill based on expectations for future profitability existing in the Namisa&#8217;s financial statements, as of the acquisition date, should be written off so that a new goodwill is recognized.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The allocation of the fair value resulted in a loss in the total amount of R$208,721, distributed among the principal assets of Namisa. The following table shows the breakdown of the amounts allocated and a summary of the calculation methodology:</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Assets acquired </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="44%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Valuation method </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Carrying amounts </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fair value adjustment </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total fair value </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Stake in MRS - 10%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Entity's discounted cash flow considering the long-term business plan approved by shareholders.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>306,190</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>480,610</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>786,800</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Agreement for sale of ROM, provision of port services and ore processing between Namisa and Congonhas</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>The contractual prices were compared with the market prices for ore and port services observed in comparable market purchase and sale transactions, adjusted by fluctuations in Plats projected over the agreement term. Based on the contractual volume, the difference between the result projected on the terms of the agreement and the market conditions generates goodwill. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>9,424,748</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,554,121)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,870,627</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>The amounts of property, plant and equipment were adjusted by the difference between the fair value of the PP&amp;E and their respective net carrying amounts, as per the technical valuation conducted by an independent appraiser for the groups of assets represented by improvements, constructions, vehicles, furniture and fixtures. The useful lives follow the periods disclosed in Note</FONT><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=red face=arial,sans-serif> </FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10.</FONT><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=red face=arial,sans-serif> </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>550,825</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>156,271</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>707,096</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Mining rights (Mina do Engenho, Fernandinho, Cayman)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>The income approach was used based on the excess profitability methodology in multiple periods, due to the possibility of attributing the directly generated cash flow to the asset identified. Under this methodology, the amount of the mining rights is estimated based on their future profitability, discounting all costs and investments that would be necessary for extracting and processing the iron ore to their fair value. These rights will be amortized according to the depletion of the mines.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>726,390</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>726,390</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>relationship with supplier - contract purchase of iron ore -<BR>Itaminas</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>For the fair value calculation of the contract with Itaminas we used the income approach, comparing the future cash flows generated by operation in two scenarios, through the contract and market conditions.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,531</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,531</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Deferred income tax and social contribution on adjustments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="44%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(19,402)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(19,402)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,281,763</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(208,721)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,073,042</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>55</FONT></P>

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<IMG border=0 align=right src="iconecsn.jpg"></DIV>

<a name="_bclHeader57"></a><DIV>&nbsp;</DIV>

<a name="_bclHeader57"></a><DIV>&nbsp;</DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of pre-existing relationships between Congonhas Min&#233;rios and Namisa</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The CPC15/IFRS3 determines that the increase or decrease in fair value, resulting from an advantage or disadvantage in the transaction between the acquirer and the acquiree, should be eliminated, with recognition of a gain or loss in the income statement of the year as of the transaction date. Such assets or relationships are referred as pre-existing relationship in the context of CPC15/IFRS3.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Congonhas Min&#233;rios and Namisa have a pre-existing relationship resulting from long-term agreements for the performance of port services, supply of ROM iron ore and processing of ore. With the business combination, such agreements were extinct,&nbsp; since CSN&#8217;s mining activities have now been centralized at Congonhas Min&#233;rios.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to CPC15/IFRS3, due to the fact that the business combination between Congonhas Min&#233;rios and Namisa have settled the pre-existing agreements, Congonhas Min&#233;rios recognized a gain for the year, recorded in the profit/loss item of Other operating income and expenses, amounting to R$621,648, which is related to the participation of 40% held by the Asian Consortium in the preexisting contracts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.4 Effects reflected in CSN parent company - Transaction between partners recorded in equity</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As mentioned above, Congonhas Min&#233;rios was considered the acquirer for the application of CPC15/IFRS3. As a result to the completion of the transaction, there was a change in CSN&#8217;s shareholding in Congonhas Min&#233;rios, which has not represented a loss of control in Congonhas Min&#233;rios by CSN. The Company&#8217;s participation decreased from 100% to 87.52%. According to CPC36/IFRS10, this change should be classified as an equity transaction and the resulting gain or loss on the new value of the participation shall be recorded directly in net equity. Due to this percentage variation, a gain of R$1,<FONT style="FONT-SIZE: 9pt" face=Arial>585</FONT> million was recorded. The table below shows the reconciliation of this amount:</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Events</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>R$ Million </FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restated</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Contribution to the capital of Congonhas Min&#233;rios by the Consortium - item (a)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,619 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN Participation - 87,52% (1)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,292 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Acquisition by CSN of 4.16% - item (a)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,727 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consortium participation - 12.48% (2)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(340)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other effects of the corporate reorganization (3)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(7) </FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjustment on variation of % participation</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(360)</FONT></B></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total gain on the transaction between shareholders (1 + 2 + 3+4)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,585 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.5 Summary of the accounting impacts</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The following table shows the full impact of the business combination described above in the results and equity of the Company:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



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   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="69%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Events</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>R$ Million </FONT></B></FONT><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restated</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Accounting effect</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>P&amp;L</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="69%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Valuation Gain on 60% participation in Namisa, at fair value - item 3.3 (a) iii</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>2,792 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>2,792 </FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="69%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gain on settlement of preexisting relationships - item 3.3 ( c)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>621 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>621 </FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="69%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gain on business combination before tax / social contribution (Note 24)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>3,413</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>3,413</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="69%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax on the gain of the pre-existing relationship - item 3.3 (c)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>(528)</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>(528)</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gain in transaction between shareholders - item 3.4</FONT></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>1,585 </FONT></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="69%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total impact of the business combination</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>2,885 </FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>4,470 </FONT></B></FONT></P></TD></TR>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CASH AND CASH EQUIVALENTS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and banks</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>434,014</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>192,595</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,003</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,638</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Short-term investments</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Brazil:</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Government securities </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>165,520</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>246,407</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>164,311</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>205,304</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Private securities </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>945,420</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>486,730</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>570,284</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>264,500</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,110,940</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>733,137</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>734,595</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>469,804</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Abroad:</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Time deposits</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,316,098</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,760,289</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,113,601</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,661,951</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total short-term investments</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,427,038</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,493,426</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,848,196</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,131,755</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,861,052</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,686,021</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,885,199</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,146,393</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The funds available in the Group and parent company set up in Brazil are basically invested in investment funds, classified as exclusive and</FONT></FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>its financial statements were consolidated within CSN the financial statements, consolidated and parent company. The funds include repurchase agreements backed by private and public securities, with pre-fixed income, with immediate liquidity. </FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>57</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Private securities are short-term investments in Bank Deposit Certificates (CDBs) with yields pegged to the Interbank Deposit Certificate (CDI) fluctuation, and government securities are basically repurchase agreements backed by National Treasury Notes and National Treasury Bills. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The funds are managed by BTG Pactual Servi&#231;os Financeiros S.A. DTVM , BB Gest&#227;o de Recursos DVTM and Caixa Econ&#244;mica Federal and their assets collateralize possible losses on investments and transactions carried out. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits in banks considered by the administration as leading banks, bearing fixed rates. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SHORT-TERM INVESTMENTS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has investments in Public and Private securities managed by its exclusive funds that have been qualified as a margin deposits for the forward dollar contracts traded at BM&amp;F Bovespa in the period and detailed in note 13 (b). The carrying amount of these financial investments totaled R$ 763,599 on December 31, 2015. These investments have pre-fixed yield and immediate liquidity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRADE RECEIVABLES</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Third parties</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Domestic market</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>772,617</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>861,518</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>425,108</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>548,417</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign market</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>818,562</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>762,935</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>250,588</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,668</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,591,179</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,624,453</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>675,696</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>636,085</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for doubtful debts</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(151,733)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(127,223)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(112,502)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(93,536)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,439,446</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,497,230</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>563,194</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>542,549</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Related parties (Note 19 - b)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61,366</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153,737</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,140,172</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>969,343</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,500,812</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,650,967</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,703,366</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,511,892</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other receivables</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends receivable (Note 19 - b) (*)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,817</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,470</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>737,668</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>67,553</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advances to employees</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>40,190</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>32,743</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,465</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22,977</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other receivables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,458</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,876</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,024</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,076</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>77,465</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>102,089</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>764,157</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>92,606</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,578,277</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,753,056</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,467,523</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,604,498</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Refers mainly to dividends receivable from Congonhas Min&#233;rios S.A. totaling R$694,080 to be paid on November 30, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In accordance with Group&#8217; internal sales policy the Group performs operations relating to assignment of receivables without co-obligation in which, after assigning the customer&#8217;s trade notes/bills and receiving the amounts from each transaction closed, CSN settles the trade receivables and becomes entirely free of the credit risk on the transaction. This transaction totals R$232,275 as of December 31, 2015 (R$264,411 as of December 31, 2014), less the trade receivables.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The breakdown of gross trade receivables from third parties is as follows:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,049,033</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,284,824</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>423,801</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>464,322</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Past-due</FONT></FONT><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> up to 180 days</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>353,443</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>236,843</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>118,488</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>90,612</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Past-due over 180 days</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>188,703</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>102,786</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>133,407</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>81,151</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,591,179</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,624,453</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>675,696</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>636,085</FONT></B></FONT></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>58</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<IMG border=0 align=right src="iconecsn.jpg"></DIV>

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<a name="_bclHeader60"></a><DIV>&nbsp;</DIV>

<a name="_bclHeader60"></a><DIV>&nbsp;</DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The movements in the Group&#8217;s allowance for doubtful debts are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening balance</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(127,223)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(114,172)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(93,536)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(88,518)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Estimated losses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(35,631)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(25,305)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(26,288)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(15,915)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recovery of receivables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,121</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,254</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,504</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,897</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balance related to incorporation</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,818</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing balance</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(151,733)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(127,223)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(112,502)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(93,536)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVENTORIES</FONT></B></FONT></P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Finished goods</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,912,868</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,270,182</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,078,554</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>794,223</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Work in progress</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,007,630</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>858,811</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>746,614</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>733,759</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Raw materials</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,062,557</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,006,620</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>563,119</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>621,450</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Storeroom supplies </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>962,078</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>949,062</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>489,816</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>825,983</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Iron ore </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,461</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>147,699</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,912</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>147,699</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advances to suppliers</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,147</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,329</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,191</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,741</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for losses </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(111,427)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(112,581)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(40,462)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(88,056)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,941,314</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,122,122</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,850,744</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,036,799</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The movements in the provision for inventory losses are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="47%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="47%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="47%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening balance</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(112,581)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(102,185)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(88,056)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(83,426)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="47%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for losses /reversals of slow-moving and obsolescence (Note 24)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,154</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(10,396)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,835</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,630)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Drop down of assets to Congonhas</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,759</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing balance</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(111,427)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(112,581)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(40,462)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(88,056)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER CURRENT AND NON-CURRENT ASSETS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The groups of other current and non-current assets is comprised as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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



<TR>

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<TR vAlign=bottom>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Com pany</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2015 </FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><STRONG><FONT size=1 face=Arial>12/31/2014</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2015</FONT></B>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2014</FONT></B>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>12/31/2015</STRONG></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><STRONG><FONT size=1 face=Arial>&nbsp;12/31/2014&nbsp;</FONT></STRONG>&nbsp;</TD>

   <TD width="1%" noWrap align=right><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><STRONG><FONT size=1 face=Arial>12/31/2015</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2014</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Judicial deposits (Note 17)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>328,542</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>288,804</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>263,046</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>239,902</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Credits w ith the PGFN </FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87,761</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>81,792</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87,761</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>81,792</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Recoverable taxes </FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>996,679</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>598,497</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>445,926</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>155,616</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>702,722</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>453,258</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>245,833</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>88,046</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>119,456</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>36,226</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28,119</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>33,323</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>19,440</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24,151</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,500</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Actuarial asset - related party (Note 19 b)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>114,433</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>97,173</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>112,660</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>96,914</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Derivative financial instruments (Note 13 I)</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118,592</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>174,611</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Exclusive fund quotas </FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>110,075</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>144,018</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Securities held for trading (Note 13 I)</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,778</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13,798</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,659</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9,451</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Iron ore inventory </FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>(4)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>144,499</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>144,483</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>144,483</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Northeast Investment Fund &#8211; FINOR</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,888</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8,452</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8,452</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8,452</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other receivables (Note 13 I)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,877</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,347</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=left></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,439</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Loans w ith related parties (Note 19 b)</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>517,493</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>373,214</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>117,357</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>106,218</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>239,930</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>52,619</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other receivables from related parties (Note 19 b)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9,420</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,780</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>29,020</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7,037</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32,479</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>168,035</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>303,441</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>329,330</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>31,524</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17,898</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14,642</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12,036</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14,408</FONT>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,286,449</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,374,303</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,583,921</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>947,420</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>875,375</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>905,131</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,281,470</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="6%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,070,378</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;(1) Refers to the excess judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2) Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) recoverable and income tax and social contribution for offset. The variation in the year stems from recognition of extemporaneous credits in the year 2015. The Company conducted an assessment of their credits and expects to recover in the coming periods.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3) Refers to transactions with derivatives managed by the exclusive funds.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(4) Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed, expected to start operating in the second half of 2017, splited to Congonhas Min&#233;rios from the drop down of mining assets (refer to note 3).</FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>59</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reduce of financial leverage</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 28.35pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With the primary goal of reducing financial leverage, the Company&#180;s Management is focused on a plan of disposal of assets and believes that a portion of these assets will be sold within 12 months as from December 31, 2015; however, it is not possible to confirm that the sale is highly probable for any of the considered assets, within these 12 months period. The Company considers several sales scenarios that vary according to different macroeconomic and operating assumptions. In this context, the Company did not segregate and not reclassified these assets in the financial statements as discontinued operations in accordance with the CPC 31 (IFRS 5).</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>

<P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 106%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>60</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>9.a) Direct equity interests in joint ventures, associates and other investments</FONT></B></P>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

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

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

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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

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

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Number of shares held by </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CSN in units</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%"></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" colSpan=7 noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom rowSpan=5 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% Direct equity interest</FONT></B></P></TD>

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

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="27%" colSpan=7 noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% Direct equity interest</FONT></B></P></TD>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=4 width="6%" noWrap>

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

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=4 width="6%" noWrap>

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

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

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit(loss) for the period Restated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=4 width="6%" noWrap>

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

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=4 width="6%" noWrap>

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

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shareholders&#180; equity</FONT></B></P></TD>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit(loss) for the period</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

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

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

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

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

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

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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

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

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

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

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

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

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

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

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

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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

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

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

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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

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

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

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investments under the equity method</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 7.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Subsidiaries</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands VII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20,001,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7,877,792 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7,837,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>39,999 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>486,635 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7,214,810 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7,568,331 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(353,521)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>341,699 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(*)</FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(183)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands IX Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>409 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,113,075 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,111,155 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,920 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(48)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands X Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(**)</FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(31,501)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>61,633 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(61,613)</FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8,821)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,179,151 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,157,160 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,548 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,236,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,227,764 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,443 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>503 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands XII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,540 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,815,700 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,910,786 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,095,086)</FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(437,263)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,000,851 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,658,674 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(657,823)</FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(182,508)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CSN Minerals S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,644,572 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,643,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,507,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,151,169 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,169 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,136,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(6,274)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CSN Export Europe, S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,500 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,397,512 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9,373 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,388,139 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>460,291 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>930,973 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,125 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>927,848 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99,302 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CSN Metals S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>16,504,020 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,220,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,620 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,213,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>399,040 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>846,160 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>31,408 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>814,752 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>123,816 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Americas S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,500 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,139,488 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,729 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,136,759 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>415,750 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,588,221 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23,490 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,564,731 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,298 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CSN Steel S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22,042,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,866,164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,856,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,009,546 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(319,636)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,152,431 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,274,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>878,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(27,014)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>254,015,052 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>391,889 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>130,650 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>261,239 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>33,170 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>358,321 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>122,778 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>235,543 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21,509 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>65,020,211 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>500,519 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>159,689 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>340,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,807)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,075 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>82 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>51,665,047 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>32,028 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20,565 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11,463 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(9,615)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>35,101 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>14,023 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21,078 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(10,530)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>92,459,582 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>172,283 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>42,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>130,076 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,911 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>187,571 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>34,849 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>152,722 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11,606 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>313,651,399 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>734,570 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>521,637 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>212,933 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(309,447)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>618,212 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>427,701 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>190,511 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(117,626)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="9%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(***)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20,012 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,088,997 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>64,652 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,024,345 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>93,161 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>158,419,480 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>87.52 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,398,365 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,148,268 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7,250,097 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,878,737 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,996,460 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,012,062 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(15,602)</FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(7,419)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>43,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>87,316 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>27,471 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>59,845 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>16,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>73,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>14,299 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>59,270 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>79,703 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A.</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>353,190,644 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>89.79 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>513,711 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>183,767 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>329,944 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8,839)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>88.41 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>566,259 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>272,513 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>293,746 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8,834)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Companhia Florestal do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>35,454,849 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>32,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>32,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,921)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>29,471 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,495 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20,976 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(76)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nordeste Log&#237;stica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99,999 </FONT></P></TD>

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100 </FONT></P></TD>

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

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100 </FONT></P></TD>

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

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 7.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Joint-venture e Joint-operation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(***)</FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,156,468 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>60.00 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,113,587 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>642,561 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9,471,026 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>673,060 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>253,606,846 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>302,956 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>17,470 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>285,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,814 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>316,345 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>14,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>301,727 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,109 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>26,611,282 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,673,312 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18.64 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,502,463 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>945,958 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>556,505 </FONT></P></TD>

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

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>78,684 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>27.27 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,959,145 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,182,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>776,691 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>103,458 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="14%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,876,146 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,593 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,091 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>502 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,979)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18,678 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,196 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,482 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>575 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50,574 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>39,972 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,602 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,084 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>61,689 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>55,129 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,560 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22,761,085 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,397,545 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>56.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,229,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,958,449 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,271,045 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(31,137)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>62.64 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,115,120 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,818,184 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,296,936 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(27,455)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fair Value alocated to TLSA due to control loss </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>659,105 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>659,105 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 7.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Arvedi Metalfer do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>27,239,971 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>54,402 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>53,363 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,039 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(15,690)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>60,101 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>44,429 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,672 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(5,103)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>49,161,626 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>28,046,901 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21,773,830 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,313,332 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>43,833,640 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22,719,057 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21,773,688 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,176,990 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Classified as available-for-sale</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>450,073 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,340,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21,601 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>31,589 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>471,674 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,372,485 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other investments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="14%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profits on subsidiaries' inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(82,042)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18,580 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(100,622)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(77,332)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>65,017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3,143)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>65,019 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,415)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(17,025)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,437 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(35,603)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(78,747)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total investments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22,228,479 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,328,769 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23,110,570 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,098,243 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="27%" colSpan=5>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Classification of investments in the balance sheet</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investments in assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23,323,565 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>24,199,129 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#ff0000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investments with negative equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,095,086)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,088,559)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22,228,479 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23,110,570 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#ff0000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>61</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Company extinguished in 2014;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) Company extinguished in 2015;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(***) Company incorporated in 2015;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The number of shares, the carrying amounts of assets, liabilities and shareholders&#8217; equity, and the amounts of profit or loss for the period refer to the equity interests held by CSN in those companies.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>9.b) Merger of subsidiaries and division of assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2015 there were controlled incorporation of operations, drop down of business establishment, and division of assets that impacted the financial statements as follows:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CSN Cimentos (1)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Casa de Pedra e Tecar (2)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Namisa (3)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Minera&#231;&#227;o<BR>Nacional (4)</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>05/01/2015</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cash and equivalents</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>129,745</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>213,355</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Trade receivables</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>433,542</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>650,716</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>193,612</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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<TR style="HEIGHT: 11.35pt">

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>21,814</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>497,357</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>61,513</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>19,026</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Dividends receivable</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,344,829</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Deferred tax</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>29,042</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>73,436</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Advance to suppliers</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14,470</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9,414,947</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other current and non-current assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>21,452</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>229,841</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>173,273</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>7,838</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>93,564</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>6,173,113</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>344,698</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Property, plant, equipment and intangible</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>397,570</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,932,597</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,091,498</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>41,848</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Borrowings and financing</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,257,338)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,257,299)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Advance to customers</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(9,414,946)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Trade payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(30,180)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(323,995)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(41,076)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(541)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Proposed dividends</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,156,800)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Deferred tax</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(143,146)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Tax payable</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(10,625)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(25,550)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(141,959)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other current and non-current liabilities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(24,919)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(392,978)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(209,826)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(9,133)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Net assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,061,005</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>156,723</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9,887,619</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>59,038</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) Merger of subsidiary CSN Cimentos as mentioned in Note 9.d;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2) Drop down of the assets Casa De Pedra, TECAR, 60% of the shares of Namisa and 8.63% of MRS shares from CSN's mining business to the subsidiary Congonhas Min&#233;rios, as mentioned in Note 3;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3) Merger of the subsidiary Namisa by Congonhas Min&#233;rios as mentioned in Note 3;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4) Spin-off of Namisa assets to National Min&#233;rios in addition of restructuring the Company&#180;s mining activities mentioned in note 3. Furthermore, besides the book values of the spin-off mentioned above, fair value adjustments were assigned to mining rights amounting to R$427 million, R$282 net of income taxes (IR/CSLL).</FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>62</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>9.c) Rollforward of investments balances in joint ventures, associates and other investments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>Restated </FONT></FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening balance of investments</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,665,453</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,487,023</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,199,129</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,005,592</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening balance of loss provisions</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,088,559)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,231,511)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investment balance of Namisa 11.30.15 </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(10,160,981)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Capital increase/acquisition of shares </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,575</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,279</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>490,842</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>93,960</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Acquisition of Congonhas Min&#233;rios shares - 4,16%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,732,605</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Capital reduction </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(466,758)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(546,796)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,120,344)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends </FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(54,464)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>395,307</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,985,128)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>275,731</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Comprehensive income </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(5)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(967,447)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(970,266)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(409,767)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,011,188)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Comprehensive income - Business Combination</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,584,779</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity pickup </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(7)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,192,034</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>743,119</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,328,769</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,098,243</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Incorporation of subsidiary - CSN Cimentos</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,061,005)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Drop down of MRS assets to Congonhas </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(8)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>786,800</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(6,173,113)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="57%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfer of assets - Casa de Pedra e Tecar (nota 9.b)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>156,723</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(9)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing balance of investments</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,998,227</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,665,453</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,323,565</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,199,129</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balance of provision for investments with negative equity</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,095,086)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,088,559)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,998,227</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,665,453</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22,228,479</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,110,570</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) Refers to Namisa&#180;s equity on November 2015, before the business combination events, during which the company was not consolidated.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2) The variation is due mainly by capital increase in Prada with capitalization of credits receivable from indirect subsidiaries Rimet and CBL amounting to R$331,869 as well as capital increase in the Minera&#231;&#227;o Nacional, due to the drop down of assets from Nacional Min&#233;rios in the amount of R$ 59,038 (see note 9.b).</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3) In 2015 it refers to capital reduction in the companies Nacional Min&#233;rios S.A. and Cia Metalic Nordeste. In 2014, refers to capital reduction in the subsidiaries CSN Steel, CSN Americas, CSN Metals, CSN Minerals and CSN Export. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4) Dividend payments by Namisa in the amount of R$ 3,239,040 and declaration of dividends amounting to R$694,080, scheduled to be paid on November 30, 2016 (see Note 3);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(5) Refers to the mark-to-market of investments classified as available for sale and translation to the reporting currency of the foreign investments (the functional currency of which is not the Brazilian reais) and actuarial gain/loss reflecting the investments measured by equity method.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(6) Gain in percentage change regarding the business combination in accordance with note 3.4.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(7) The table below shows the reconciliation of the equity in results of affiliated companies included on investment balance with the amount disclosed in the income statement and it is due to the elimination of the results of the CSN&#180;s transactions with these companies:</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>63</FONT></P>

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  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity
      in results of affiliated companies</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,156,714 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>673,060 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>78,684 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>102,476 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CBSI - Companhia
      Brasileira de Servi&#231;os de Infraestrutura </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,979)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>572 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transnordestina</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(31,137)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,465)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Arvedi
      Metalfer do Brasil</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,690)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,524)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,442 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,192,034 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>743,119 </FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Eliminations</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>To
      cost of sales </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,815)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(45,812)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>To net
      revenues </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,805 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,261 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>To
      finance costs </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(628,629)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>To
      taxes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,324 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>212,221 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity
      in results </FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,160,348 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>331,160
  </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(8) Shares of Namisa and MRS held
by CSN, immediately prior to the transaction described in note 3, have been
allocated to the establishments of Casa de Pedra and TECAR in order to increase
capital in Congonhas Min&#233;rios, through</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>commercial property
trespass.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>9.d) In Joint ventures and joint
operations financial information</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>SEPETIBA TECON S.A. (&#8220;TECON&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
Container Terminal was created to exploit the terminal n<SUP>o</SUP> 1 in
Itagua&#237; Port, located in the State of Rio de Janeiro. The terminal is connected
to the UPV by the Southeast railroad network.&nbsp; The Southeast railroad
network is the contract object of the concession that has been granted to MRS
Log&#237;stica S. A. The range of services includes the move operation of cargo,
storage of containers and steel products, general cargo, cleaning and
maintenance.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Tecon
concession was granted on September 3, 1998, this concession allows the
exploitation of said terminal for 25 years renewable for the same
period.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>When the
concession expires, it will return to the Union as well as all the rights and
privileges transferred to Tecon, along with the ownership of assets and those
resulting from investments, declared reversible by the Federal Government for
being necessary to the continuity of terminal&#180;s operation. The reversible assets
will be indemnified by the Federal Government at the residual value of cost,
based on the accounting records of Tecon after deducting
depreciation.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>ESTANHO DE ROND&#212;NIA S.A. (&#8220;ERSA&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Headquartered in the state of Rond&#244;nia, the subsidiary
operates two units, which are based in the cities of Itapu&#227; do Oeste and
Ariquemes. In Itapu&#227; do Oeste is extracted the cassiterite (tin ore) and in
Ariquemes is located the casting operation, where the metallic tin is
made,&nbsp; which is the raw material used in UPV for the production of tin
plates.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>CIA. METALIC NORDESTE (&#8220;Metalic&#8221;)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Headquartered in Maracana&#250;, State of Cear&#225;, its corporate
purpose is to manufacture metallic packaging destined basically to the beverage
industry. Its production is mainly focused on the north and northeast Brazil
market and the production excess is directed to foreign
markets.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
Company&#180;s operational unit has two separate production lines: i) cans, its main
raw material is steel coated with tin, provided by the parent company and; ii)
metal covers, its main raw material is aluminum. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>COMPANHIA
METAL&#218;RGICA PRADA (&#8220;Prada&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>Metal packaging</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Prada
operates in the field of steel packaging, producing what is best and safest in
steel cans, buckets and aerosols. Its supply chain includes the chemical and
food segments, providing packaging and printing services to leading companies in
the market.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>On August
1, 2014 Prada subscribed 10.820.723.155 shares in its subsidiary Companhia
Brasileira de Latas ("CBL") that were paid through the capitalization of credits
arising from advances for future Capital Increase (AFAC), held by Prada
</FONT></FONT><a name="page_66"></a><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>and related
CBL amounting to R$108,207.&nbsp; Due to the increase mentioned, Prada&#180;s
participation raised from 59.17% to 95.55% of total share capital of
CBL.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
August 28, 2014 Prada acquired altogether the shares held by minority
shareholders of CBL representing 4.45% of the share capital by the amount of $5.
Nowadays Prada holds a 100% interest in the share capital CBL.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CBL is also
engaged in the manufacture of metal steel packaging for the food and chemical
industry, supplying its products to leading companies in the market, thus acting
in the same Prada&#180;s business segment.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Additionally, as of 2014 the Companhia de Embalagens
(MMSA) has incorporated three metal packaging companies as follows: Empresa de
Embalagens Met&#225;licas (LBM Ltda.), Empresa de Embalagens Met&#225;licas (MUD Ltda.)
and Empresa de Embalagens Met&#225;licas (MTM do Nordeste).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>On November
30, 2015, Prada has incorporated its subsidiary Rimet Empreendimentos
Industriais e Comerciais.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Distribution</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Prada is a
player in the market of processing and distribution regarding flat steel
products, with a diversified product line. It provides coils, rolls, strips,
blanks, metal sheets, profiles, tubes and tiles, among other products, to the
most different industry segments - from automotive to construction. It is also
specialized in providing service steel processing, meeting the demand of the all
national companies.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CSN
CIMENTOS S.A. (&#8220;CSN Cimentos&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Established
in Volta Redonda, state of Rio de Janeiro, the Company is engaged in the
manufacture and sale of cement, using as its raw materials the blast furnace
slag from the UPV steelwork. CSN Cimentos started its operations on May 14,
2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As
disclosed in material event as of April 9, 2015, CSN&#8217;s Board of Directors
proposed the merger of the subsidiary CSN Cimentos SA, which had a net assets
amounting to R$1,109,662 as of March 31, 2015, focusing on a single
organizational structure of all commercial and administrative activities. At the
extraordinary general meeting with the shareholders held on April 30, 2015, the
merger of CSN Cimentos was approved, with effect from 1 May 2015, and as a
result of the transaction, CSN Cimentos was extinguished and CSN assumed all its
assets, rights and obligations.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN ENERGIA S.A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Its main
objective is the distribution of the excess electric power generated by CSN and
Companies, consortiums or other entities in which CSN holds an
interest.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>FTL -
FERROVIA TRANSNORDESTINA LOG&#205;STICA S.A. (&#8220;FTL&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>FTL was
created on the purpose of incorporating the spun-off portion of TLSA, the
Company holds the concession to operate the railway cargo transportation, the
public service is provided in northeastern of Brazil, which includes the railway
between the towns of Sao Luis to Fortaleza, Recife Daredevil, Itabaiana
Cabedelo, Paula Cavalcante Macau and Propri&#225; Jorge Lins ("Network
I").</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of April
2015, the CSN subscribed shares by capitalization of advances for future capital
increase amounting R$ 45,071, therefore its participation in the share capital
of the company increased from 88.41% to 89.79%. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CONGONHAS
MIN&#201;RIOS S.A. (&#8220;CONGONHAS&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Headquartered in Congonhas, Minas Gerais, it is primarily
engaged in the production, purchase and sale of iron ore. Congonhas
commercializes its products mainly in the overseas market. As mentioned in note
3, from 30 November 2015, the Congonhas has centralized mining operations of
CSN, including the establishments of the mine Casa de Pedra, the port TECAR and
the participation of 18.63% in MRS. The participation of the CSN in this
subsidiary is 87,52%.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>MINERA&#199;&#195;O
NACIONAL S.A.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Headquartered in Congonhas, Minas Gerais State, the
Minera&#231;&#227;o Nacional is primarily engaged in the production and sale of iron ore.
This subsidiary concentrates the assets of mining rights relating to mines
Fernandinho, Cayman and Casa de Pedra transferred to this subsidiary in the
business combination process described in note 3.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>9.e) Joint ventures and joint operations financial
information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
balances of the balance sheets and income statements of joint venture and joint
operation are presented as follows and refer to 100% of the companies&#180;
profit/loss:</FONT></FONT></P>
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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CGPAR </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>37,27%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,00%</FONT></B></P></TD>

   <TD vAlign=bottom align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>56,92%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,75%</FONT></B></P></TD>

   <TD vAlign=bottom align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,00%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,00%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,27%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,00%</FONT></B></P></TD>

   <TD vAlign=bottom align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,64%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,75%</FONT></B></P></TD>

   <TD vAlign=bottom align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,00%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance sheet</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>456.364 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>671.475 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.343 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75.977 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36.647 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.621 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5.499.139 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>266.905 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>925 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>511.586 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31.436 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27.253 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>115.693 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.854 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>289 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>215 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>250.469 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13.994 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>98 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>364 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>337 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>364.468 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>657.000 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22.726 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67.540 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17.137 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43.358 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>309.054 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>532.016 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30.164 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54.196 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15.859 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32.146 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current assets</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>936.525 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.335.329 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26.358 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>143.517 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53.999 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54.060 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.058.662 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>812.915 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31.187 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>565.782 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47.659 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59.736 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9.310.901 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9.236.170 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>136.144 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>533.897 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>280.718 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32.880 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13.087 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>129.504 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>503.849 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>86 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>253.307 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32.371 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investments, PP&amp;E and intangible assets</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.399.713 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.191.459 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.689 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.006.464 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>534.569 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34.000 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.431.643 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5.867.645 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.083 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5.750.208 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>568.883 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63.557 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.846.758 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.725.356 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.828 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.287.182 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>567.449 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47.087 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.797.317 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.371.494 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.169 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.003.515 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>601.254 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63.642 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11.783.283 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8.060.685 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31.186 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.430.699 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>621.448 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101.147 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16.855.979 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.184.409 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37.356 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.569.297 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>648.913 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123.378 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilitiesPassivo circulante</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.680 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>844.296 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>167.112 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.849 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>368.818 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>382.332 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>187.331 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25.520 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other current liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.635.993 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>893.883 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28.794 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>250.440 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33.667 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55.281 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>429.345 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>851.850 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27.718 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84.594 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29.986 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52.744 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current liabilities</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.640.673 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.738.179 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28.794 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>417.552 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33.667 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66.130 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>798.163 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.234.182 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27.718 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>271.925 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29.986 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>78.264 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25.307 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.772.462 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.560.078 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.620 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29.541 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.657.635 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.223.796 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23.443 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other non-current liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>230.859 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>564.407 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.389 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>220.001 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.170 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.193 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>243.231 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>444.379 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.674 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.172 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8.551 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>otal non-current liabilities</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>256.166 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.336.869 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.389 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.780.079 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.170 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13.813 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>272.772 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.102.014 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.674 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.226.968 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31.994 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9.886.444 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.985.637 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.003 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.233.068 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>585.611 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21.204 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15.785.044 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.848.213 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.964 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.070.404 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>618.927 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13.120 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total liabilities and shareholders&#8217;<BR>equity</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11.783.283 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8.060.685 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31.186 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.430.699 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>621.448 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101.147 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16.855.979 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.184.409 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37.356 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.569.297 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>648.913 </FONT></B></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123.378 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

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   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD></TR>

<TR>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11/30/2015</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>01/01/2015 a 12/31/2015</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>01/01/2014 a 12/31/2014</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom colSpan=7>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Venture</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Operation</FONT></I></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom colSpan=7>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Venture</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; 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: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Operation</FONT></I></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance sheet</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios (*)</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBSI</FONT></B></P></TD>

   <TD>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;stica </FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CGPAR </FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBSI</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;stica </FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CGPAR </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,76%</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,27%</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,00%</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56,92%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,75%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,00%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,00%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,27%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,00%</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,64%</FONT></B></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,75%</FONT></B></P></TD>

   <TD vAlign=bottom>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,00%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Statements of Income</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenue</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>751.595 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.172.744 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151.097 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>157.379 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>172.388 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.474.633 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.063.061 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>161.372 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>136.565 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>278.855 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(557.504)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2.094.961)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(147.186)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(88.683)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(132.034)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1.214.196)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2.013.846)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(150.411)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(86.751)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(234.944)</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>194.091 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.077.783 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.911 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68.696 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40.354 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>260.437 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.049.215 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.961 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49.814 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43.911 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating (expenses) income </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(113.533)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(371.798)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8.615)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(32.863)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(50.455)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14.480)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(277.648)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(282.736)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8.934)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(28.459)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46.182)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3.572)</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (costs), net</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.996.261 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(255.003)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1.254)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18.309)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.777 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1.713)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.651.891 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(190.294)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>69 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(15.383)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.972 </FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1.309)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income before income tax and social<BR>contribution</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.076.819 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>450.982 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5.958)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(51.172)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21.018 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24.161 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.634.680 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>576.185 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.096 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(43.828)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.604 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39.030 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current and deferred income tax<BR>and social contribution</FONT></P></TD>

   <TD vAlign=bottom noWrap>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(148.964)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(152.994)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7.041)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7.992)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(512.913)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(196.792)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(946)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2.279)</FONT></P></TD>

   <TD vAlign=bottom noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13.030)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit / (loss) for the period</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.927.855 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>297.988 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5.958)</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(51.172)</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13.977 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16.169 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.121.767 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>379.393 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.150 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(43.828)</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.325 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid" vAlign=bottom noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26.000 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Refer to the consolidated balances and profit or loss of Nacional Min&#233;rios S. A.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>NACIONAL MIN&#201;RIOS S.A. - (&#8220;Namisa&#8221;) </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Namisa, headquartered in Congonhas, State of Minas Gerais, is primarily engaged in the production, purchase and sale of iron ore and is mainly focused on foreign markets for the sale of its products.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 12/31/2015 Namisa was merged into Congonhas Min&#233;rios S.A. concluding the transaction with the Asian Consortium, as detailed in note 3 &#8211; Business combination.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>IT&#193; ENERG&#201;TICA S.A. - (&#8220;ITASA&#8221;)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ITASA is a corporation established in July 1996 that was engaged to operate under a shared concession, the It&#225; Hydropower Plant (UHE It&#225;), with 1,450 MW of installed power, located on the Uruguay River, on the Santa Catarina and Rio Grande do Sul state border.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: yellow" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS LOG&#205;STICA S.A. (&#8220;MRS&#8221;)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: yellow" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With registered offices in the City of Rio de Janeiro-RJ, this subsidiary is engaged in public railroad transportation, on the basis of an onerous concession, on the domain routes of the Southeast Grid of the federal railroad network (Rede Ferrovi&#225;ria Federal S.A. &#8211; RFFSA), located in the Southeast (Rio de Janeiro, S&#227;o Paulo and Belo Horizonte. The concession has a 30-year term as from December 1, 1996, extendable for an equal term by exclusive decision of the concession grantor.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS may further engage in services involving transportation modes related to railroad transportation and participate in projects aimed at expanding the railroad service concessions granted.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For performance of the services covered by the concession for a, MRS leased from RFFSA for the same concession period, the assets required for operation and maintenance of the freight railroad transportation activities. At the end of the concession, all the leased assets are to be transferred to the ownership of the railroad transportation operator designated at that time.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2014, the Company had a direct equity interest of 27.27% in the capital stock of MRS, as well as an indirect equity interest of 6% therein, together with its joint venture Namisa.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has transferred 8.63% of its direct participation in MRS to Congonhas under the business combination described in note 3.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: yellow" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>66</FONT></P>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader68"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Owing to
the transaction in question, as of December 31, 2015, the Company has a direct
equity interest of 18.64% in the capital stock of MRS and an indirect equity
interest of 18.63% through its subsidiary Congonhas Min&#233;rios, consequently the
total participation is 37.27%.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CONS&#211;RCIO
DA USINA HIDREL&#201;TRICA DE IGARAPAVA</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
Igarapava Hydroelectric Power Plant is located on the Grande River, in the city
of Conquista, MG, and has installed capacity of 210 MW. It consists of 5
bulb-type generating units.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CSN holds a
17.92% investment in the consortium, whose specific purpose is the distribution
of electric power, which is made according to the percentage equity interest of
each company.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The balance
of property, plant and equipment less depreciation as of December 31, 2015 is
R$27,084 (R$28,250 as of December 31, 2014) and the expense in 2015 amounted to
R$5,040 (R$5,302 in 2014).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CBSI -
COMPANHIA BRASILEIRA DE SERVI&#199;OS DE INFRAESTRUTURA (&#8220;CBSI&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CBSI is the
result of a joint operation between CSN and CKTR Brasil Ltda. Based in the city
of Arauc&#225;ria, PR, CBSI is primarily engaged in providing services CSN and other
third-party entities, and can operate activities related to the refurbishment
and maintenance of industrial machinery and equipment, construction maintenance,
industrial cleaning, logistic preparation of products, among other activities.
&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CGPAR
CONSTRU&#199;&#195;O PESADA S.A. (&#8220;CGPAR&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CGPAR is
the result of a joint venture between CSN and GPA Constru&#231;&#227;o Pesada e Minera&#231;&#227;o
Ltda.&nbsp; Based in the city of Belo Horizonte, MG, CGPAR is mainly engaged in
providing services related to the support to the extraction of iron ore, earth
leveling, earthmoving, and dam construction.</FONT></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%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>TRANSNORDESTINA
LOG&#205;STICA S.A. (&#8220;TLSA&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>TLSA is
primarily engaged in the public service operation and development of a railroad
network in the Northeast of Brazil network, comprising the rail segments Miss&#227;o
Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro- Porto
de Suape, and Miss&#227;o Velha-Porto de Pec&#233;m sections (&#8220;Railway System
II&#8221;).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>During the
year 2015, CSN and others shareholders subscribed 3,973,152 shares in TLSA
amounting to R$213,834, which R$3,229 from CSN and R$210,605 from others
shareholders, consequently at December 31, 2015 CSN held 56.92% of TLSA share
capital.&nbsp; Therefore, due to the transactions described above that caused a
participation change of the shareholders in the share capital of TLSA on 2015,
the Company recognized a gain of R$2,014, recorded in equity.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>9.f) Additional information on indirect participation in
abroad operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></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%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" 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%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>STAHLWERK TH&#220;RINGEN GMBH
(&#8220;SWT&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>SWT was
formed from the former industrial steel complex of Maxh&#252;tte, located in the
Germany city of Unterwellenborn, which produces steel shapes used for
construction in accordance with international quality standards.
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Its main
raw material is steel scrap, the Company has an installed production capacity of
1.1 million metric tons steel/year. The SWT is a wholly owned indirect
subsidiary of CSN Steel S.L.U, a subsidiary of CSN.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,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%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>COMPANHIA SIDERURGICA
NACIONAL &#8211; LLC (&#8220;CSN LLC&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The CSN LLC
has an industrial plant in Terre Haute, Indiana State - USA, where is located
the cold rolled and galvanized steel production lines. The LLC assets and
liabilities came from the extinct Heartland Steel Inc., Incorporated in 2001.
CSN LLC is a wholly owned indirect subsidiary of CSN Americas S.L.U, a
subsidiary of CSN.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></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%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>LUSOSIDER A&#199;OS PLANOS
S.A. (&#8216;Lusosider&#8217;&#8217;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Incorporated in 1996 in succession to Siderurgia Nacional
(a company privatized by the Portuguese government that year), Lusosider is the
only Portuguese company of the steel industry to produce cold rolled and
galvanized anti-corrosion steel. Based in Paio Pires, The Lusosider has an
installed capacity of about 550,000 tons / year to produce four large groups of
steel products: galvanized sheet, cold rolled sheet, pickled and oiled plate.
The products are manufactured by Lusosider and may be used in the packaging
industry, construction (pipes and metallic structures) and in home appliance
components.</FONT></FONT></P><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 106%" face=arial,sans-serif></FONT>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>67</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>9.g) Other investments
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>PANATL&#194;NTICA S. A. (&#8220;Panatl&#226;ntica&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Panatl&#226;ntica is&nbsp; a publicly-held company,
headquartered in the city of Gravata&#237;, State of Rio Grande do Sul, engaged in
the manufacturing, trade, import, export and processing of steel and ferrous or
non-ferrous metals, coated or not. This investment is classified as
available-for-sale and measured at fair value.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Company
currently holds 11.38% (11.40% as of December 31, 2014) of Panatl&#226;ntica&#8217;s total
share capital.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>USINAS
SIDERURGICAS DE MINAS GERAIS S.A. &#8211; USIMINAS (&#8220;USIMINAS&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Usiminas,
headquartered in Belo Horizonte, State of Minas Gerais, is engaged in steel and
related operations.&nbsp; Usiminas produces flat rolled steel in the Intendente
C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva plants, located in Ipatinga, Minas
Gerais, and Cubat&#227;o, S&#227;o Paulo, respectively, the final product is sold in the
domestic and&nbsp; foreign market. Usiminas also exploits iron ore mines located
in Ita&#250;na, Minas Gerais, to meet its verticalization and production cost
optimization strategies. Usiminas also has service and distribution centers
located in several regions of Brazil, and the Cubat&#227;o, S&#227;o Paulo, and Praia
Mole, Esp&#237;rito Santo, all centers are located in strategic locations for the
shipment of its production.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>On April 9,
2014, the Administrative Council for Economic Defense (CADE - Conselho
Administrativo de Defesa Econ&#244;mica) issued its decision on the matter about the
Usiminas shares held by CSN signing a Performance Commitment Agreement), also
called TCD, between CADE and CSN. Under the terms of the decision of CADE and
TCD, CSN must reduce its interest in USIMINAS and evaluate strategic
alternatives with respect to its investment in Usiminas. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 31, 2015 and 2014, the Company reached holdings of 14.13% in common
shares and 20.69% in preferred shares of USIMINAS share
capital.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>USIMINAS is
listed on the S&#227;o Paulo Stock Exchange (&#8220;BM&amp;F BOVESPA&#8221;: USIM3 and
USIM5).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; ARVEDI
METALFER DO BRASIL S.A. (&#8220;Arvedi&#8221;)</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Arvedi,
headquartered in Salto, State of S&#227;o Paulo, is engaged in pipe production. As of
December 31, 2015 and 2014 CSN held 20.00% of Arvedi&#8217;s share
capital.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
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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 lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>PROPERTY,
PLANT AND EQUIPMENT</FONT></B></FONT></P>
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    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Land</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Buildings</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Machinery.<BR>equipment<BR>and
      facilities</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Furniture<BR>and fixtures</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Construction<BR>in progress</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other (*)</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 24.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31,
      2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>216,458</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,432,450</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,499,676</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,633</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,243,967</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>194,956</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,624,140</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>216,458</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,021,437</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,791,750</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>167,410</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,243,967</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>414,276</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,855,298</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated
      depreciation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(588,987)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,292,074)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(130,777)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(219,320)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,231,158)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31,
      2014</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>216,458</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,432,450</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,499,676</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,633</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,243,967</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>194,956</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,624,140</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Exchange rate effect</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,418</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,910</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>230,588</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,453</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,498</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,833</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>310,700</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,841</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,710</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>242,656</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,292</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,914,732</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,355</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,182,586</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalized interest (notes
      25 and 31)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>166,366</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>166,366</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Write-offs (note
      24)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,507)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(49)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,827)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(83)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,466)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(103,387)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,005,848)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,214)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,573)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,127,022)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to other asset
    categories</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,623</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>95,524</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>880,652</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>81</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,270,903)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>272,023</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to intangible assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,852)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,852)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 22.5pt">
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Business Combination, fair value of assets acquired
      (nota 3)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,949</FONT></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>215,642</FONT></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>266,934</FONT></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,790</FONT></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>146,734</FONT></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>67,047</FONT></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>707,096</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Update of the ARO estimation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,582</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,582</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Others</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,723)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,879)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,329)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,400</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,531)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31,
      2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>264,289</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,696,126</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,109,272</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,986</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,199,386</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>563,540</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,871,599</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>264,289</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,436,458</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,638,117</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>183,086</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,199,386</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>811,535</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,532,871</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated
      depreciation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(740,332)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,528,845)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(144,100)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(247,995)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,661,272)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 30,
      2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>264,289</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,696,126</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,109,272</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,986</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,199,386</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>563,540</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 6pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,871,599</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" colSpan=3 noWrap><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="FONT-SIZE: 8pt"></FONT>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Land</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Buildings</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Machinery.<BR>equipment<BR>and
      facilities</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Furniture<BR>and fixtures</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Construction<BR>in progress</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other (*)</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 8.65pt">
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31,
      2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,181</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,786,572</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,882,070</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,036</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,118,097</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>183,338</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 8.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,109,294</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,181</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,003,303</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,877,027</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>136,041</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,118,097</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>301,835</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,546,484</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated
      depreciation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(216,731)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,994,957)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(107,005)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(118,497)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,437,190)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31,
      2014</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,181</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,786,572</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,882,070</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,036</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,118,097</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>183,338</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,109,294</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisitions</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>203,870</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,030</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,769,120</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,484</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,979,504</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalized interest (notes
      25 and 31)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,400</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>214,879</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>175,298</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>561</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,713</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>396,864</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Write-offs (note
      24)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(50,854)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,287,945)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,332,850)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,268)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,117,432)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(115,336)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,913,685)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>160,777</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>160,777</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers to other asset
      categories</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(91)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,827)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(58)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,990)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers to intangible
      assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(57,055)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(782,928)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,680)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,486)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(855,149)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Business Combination, fair
      value of assets acquired (nota 3)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,623</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>218,343</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>959,632</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,200,871)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>259</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Update of the ARO
      estimation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(624)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(624)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,723)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,281)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,926)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,287</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,643)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31,
      2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>869,071</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,103,720</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,679</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,723,327</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,201</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,866,348</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,025,848</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,677,122</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>118,301</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,723,327</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,914</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,787,862</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated
      depreciation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(156,777)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,573,402)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(100,622)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(90,713)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,921,514)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 30,
      2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>869,071</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,103,720</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,679</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,723,327</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,201</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 7.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,866,348</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*) Refer
basically to railway assets such as courtyards, tracks and leasehold
improvements, vehicles, hardware, mines, ore deposits, and spare part
inventories.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
breakdown of the projects comprising construction in progress is as
follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Project
      description</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Start date</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Completion
    date</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current
      operations. </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,457</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>45,522</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,457</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>45,522</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of Casa de Pedra Mine capacity production.
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2007</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016/2017</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>709,945</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>462,075</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of TECAR export capacity.
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2009</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2020</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>390,920</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>332,394</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current
      operations. </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>302,764</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,236</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,403,629</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>854,705</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Construction of a long steel plant to produce rebar
      and machine wire. </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2008</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>105,697</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>95,991</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Implementation of the AF#3&#8217;s gas pressure recovery.
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2006</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,140</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of the service center/Mogi.
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015/2016</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,950</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,993</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current
      operations. </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>375,579</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,499</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>496,226</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>303,623</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Construction of cement plants. </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2011</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,254,897</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,030,938</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current
      operations. </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,177</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,179</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,264,074</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,040,117</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2pt 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,199,386</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2pt 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; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,243,967</FONT></B></FONT></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></DIV>
<a name="_bclFooter70"></a><DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Expected date for completion of the
Central Plant Stage 1;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Estimated date for the completion
of the 60 mtpa phase;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Refers to advance for construction
of two new plants, which were converted in the third quarter of 2015 to a supply
contract of equipment for using in steelmaking operation.&nbsp;
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Expected date for completion of
Service Center/Mogi; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(5)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Expected date for completion of
Arcos/Minas Gerais unit. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in">&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>69</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader71"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader71"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader71"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader71"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader71"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader71"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>In 2015 the
management conducted a review of useful lives for all the Company's units.
Therefore, the estimated useful lives for the current year are as
follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>In
      Years</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Buildings</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>43</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>43</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>43</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>42</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Machinery, equipment and
    facilities</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Furniture and fixtures</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other
      (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(*) In 2015, after review, the
assets of locomotives, wagons and above structure, which were which were on
average depreciated over 29 years and inserted into other, were reclassified to
the class Buildings and Machinery, equipment and
facilities.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<a name="_bclFooter71"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>70</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader72"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader72"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader72"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader72"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader72"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader72"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>10.a)
Depreciation and amortization expense:</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Additions
to depreciation, amortization and depletion for the period were distributed as
follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Production costs</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,112,538</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,222,302</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>847,725</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,006,971</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sales
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,358</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,066</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,484</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,955</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>General and Administrative
    Expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,876</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,763</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,532</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,972</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,135,772</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,245,131</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>863,741</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,022,898</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other
      operating expenses (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41,068</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>36,354</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>714</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,176,840</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,281,485</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>863,741</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,023,612</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(*) Refers to the depreciation of
unused equipment and intangible assets amortization, see note
23.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>10.b)
Capitalized Interest</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 31, 2015, the Company capitalized borrowing costs amounting to
R$166,366 in consolidated and R$160,777 in parent company (as of December 31,
2014, R$ 165,789 in consolidated and parent company). These costs are basically
estimated for the cement, mining and long steel projects, mainly relating
to:</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif> new
integrated cement plant, (ii) Casa de Pedra expansion (iii); long steel mill in
the city of Volta Redonda (RJ), see notes 25 and 31.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The rates
used to capitalize borrowing costs are as follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rates</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unspecified projects</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,35%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.03%</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>INTANGIBLE
ASSETS</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<a name="_bclFooter72"></a><DIV>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 7pt" 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" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 7pt" 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" vAlign=bottom width="21%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Goodwill</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Customer relationships</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Software</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Trademarks<BR>and<BR>patents</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Rights
      and licenses</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Others</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</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><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Goodwill</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Software</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" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 7pt" 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; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31,
      2014</FONT></B></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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>407,434
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>347,115
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>79,867
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>109,052
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>185
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>943,653
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>75,825
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>88,916
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cost </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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>666,768 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>415,964 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>153,080 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>109,052 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>185 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,345,049 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>14,135 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>110,241 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>124,376 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Accumulated amortization
      </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(150,004)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(68,849)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(73,213)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(292,066)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,044)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(34,416)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(35,460)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustment for accumulated
      recoverable value </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; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(109,330)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(109,330)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31,
      2014</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>407,434
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>347,115
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>79,867
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>109,052
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>185
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>943,653
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091
      </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>75,825
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>88,916
      </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="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>104,136 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>191 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>34,584 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>60 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>138,971 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Acquisitions
      and expenditures</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1,234 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>78 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>150 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1,462 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Incorporation of subsidiary - CSN
    Cimentos</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>706 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>706 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Transfers of
      the assets related to Casa de Pedra e Tecar</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="7%" noWrap>&nbsp; </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; TEXT-INDENT: 8pt"><FONT color=#000000 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="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT 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="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 face=arial,sans-serif></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 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="7%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(18,912)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(18,912)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Business combination, fair value of assets e
      goodwill (nota 3b)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,691,031 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,531 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,437
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>726,390 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>4,422,389 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Transfer of property. Plant and
    equipment</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>930 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>922 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1,852 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT color=#000000 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>624 </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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>624 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Amortization </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(39,395)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(10,423)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(49,818)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8,592)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8,592)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31,
      2015</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,098,465 </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>413,387
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>75,236
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>143,636
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>727,390
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>395
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,458,509 </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>49,651
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><FONT face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>62,742
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cost </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,357,799
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>549,413
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>173,154
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>143,636
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>727,390
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>395
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,951,787
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>14,135 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>84,552
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>98,687
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Accumulated amortization
      </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(150,004)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(136,026)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(97,918)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(383,948)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,044)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(34,901)</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(35,945)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustment for accumulated
      recoverable value </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(109,330)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(109,330)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT face=arial,sans-serif></FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31,
      2015</FONT></B></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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,098,465 </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>413,387
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>75,236
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>143,636
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>727,390
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>395
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,458,509 </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>49,651
      </FONT></B></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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT 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" vAlign=bottom width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>62,742
      </FONT></B></P></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>71</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader73"></a><P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<a name="_bclHeader73"></a><DIV><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader73"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader73"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader73"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader73"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader73"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader73"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader73"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>As a
result, the estimated useful lives for the current year are as
follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Software</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Customer
      relationships</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Impairment
testing</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The
goodwill arising from expectations for future profitability of the companies
acquired and the intangible assets with indefinite useful lives (trademarks)
have been allocated to the operational divisions (cash-generating units) of CSN,
which represent the lowest level of assets or group of assets. According to CPC
01, when a CGU has an intangible asset with indefinite useful life allocated,
the Company performs an impairment test. The CGU with intangible assets in this
situation are as follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Goodwill</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Brands</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cash generating
      unity</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Segment</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Packaging
      (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Steel</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>158,748</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>158,748</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>158,748</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>158,748</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Flat steel
      (**)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Steel</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>13,091</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Long steel
      (***)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Steel</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>235,595</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>235,595</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>143,636</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>109,052</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>379,231</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>344,647</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Mining
      (****)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Mining</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,691,031</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,691,031</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,098,465</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>407,434</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>143,636</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>109,052</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,242,101</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>516,486</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>(*) The
goodwill of the Packaging cash-generating unit is shown net of impairment loss
in the amount of R$109,330.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>(**)
Goodwill of flat steel is allocated to the steel operation CSN, considering the
operation of the Presidente Vargas Steelworks and other assets involved in other
product processing steps until its sale to the customer.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(***) The
goodwill and trademark that are recorded in line item intangible assets at long
steel segment, those transactions are derived from the business combination of
Stahlwerk Thuringen GmbH ("SWT") and Gallardo Sections CSN. The assets mentioned
are considered to have indefinite useful lives as they are expected to
contribute indefinitely to the Company's cash flows.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>(****)
Refers to the goodwill based on expectations for future profitability, resulting
from the acquisition of Namisa by Congonhas Min&#233;rio, an operation that was
concluded in December 2015. As from 2016, the balance will be tested annually
for impairment. See further details relating to calculation of the goodwill in
note 3 &#8211; Business Combination.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The
impairment testing of the goodwill and the trademark include the balance of
property, plant and equipment of the cash-generating units and also the
intangible. The test is based on the comparison between the actual balances and
the value in use of those units, determining based on the projections of
discounted cash flows and use of such assumptions and judgements as: revenue
growth rate, costs and expenses, discount rate, working capital, future Capex
investment and macroeconomic assumptions observable in the
market.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The main
assumptions used in the test were as follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 33.75pt">
    <TD style="HEIGHT: 33.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="31%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Segment</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 33.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Real Discount Rate</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 33.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 33.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenue Growth Rate</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.95pt">
    <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="31%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Long steel
      (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7.90%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3.53%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.95pt">
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="31%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Metal
      packaging</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9.39%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6.07%</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>(*) The
assets tested are located in Germany. The discount rate is calculated in Euro
and the growth rate is the expectation for the region of Europe, the market in
which this CGU generates cash flows.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Based on
the analyses conducted by Management, was not necessary to record losses by
impairment to those assets in the year ended on December 31,
2015.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>BORROWINGS,
FINANCING AND DEBENTURES</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As December
31, 2015 the balances of borrowings, financing and debentures, which are carried
at amortized cost, are as follows:</FONT></FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>72</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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<a name="_bclHeader74"></a><DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader74"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader74"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader74"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader74"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader74"></a><DIV>&nbsp;</DIV>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>
      <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>
    <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="8%">
      <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></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%">
      <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></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="8%">
      <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></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%">
      <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></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="17%" colSpan=3>
      <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></FONT></B></P>
      <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></FONT></B></P>
      <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></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">
      <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>Prepayment</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; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" 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="17%" colSpan=3>
      <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>Current liabilities</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%">
      <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="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="17%" colSpan=3>
      <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>Non-current liabilities</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="17%" colSpan=3>
      <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>Current liabilities</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <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></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="17%" colSpan=3>
      <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>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="19%" 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="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="8%">
      <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>12/31/2015</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="8%">
      <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 Ajusted</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="8%">
      <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>12/31/2015</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="8%">
      <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="8%">
      <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>12/31/2015</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="8%">
      <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 Ajusted</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="8%">
      <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>12/31/2015</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="8%">
      <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></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>FOREIGNCURRENCY</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="8%" 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="8%" 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="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="8%" 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="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="8%" 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="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="8%" 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="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="8%" 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="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="8%" 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="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="8%" 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="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="8%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><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="19%" 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="8%" 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>207,657 </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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,633,137 </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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>207,657 </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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,633,137 </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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="8%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3.51% 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>286,487 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,429,716 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>372,474 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>9,272,766 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="8%" 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,315 </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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,904,800 </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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" 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="8%" 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="8%" 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="8%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="8%" 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>175,768 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,910,992</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>32,402 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,056,347</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" 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="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="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Libor 6M to
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="8%" 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="8%" 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="8%" 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="8%" 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,261,861 </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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,137,040</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>910,983</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting</FONT></I></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="8%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1.25% to
3.28%</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>288,772 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>414,442</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>288,772 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>414,442</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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="19%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Others</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%">
      <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="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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>115,594 </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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>425,635 </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="8%" noWrap align=right>
      <P style="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="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="8%" 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="8%" 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="8%" 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="8%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="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="8%" 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="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="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,079,593</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 align=right>
      <P style="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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,065,455</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 align=right>
      <P style="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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>17,304,280</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 align=right>
      <P style="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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="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="BACKGROUND: #dbe5f1; 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; 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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,163,166</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 align=right>
      <P style="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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,911,448</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 align=right>
      <P style="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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>18,099,290</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 align=right>
      <P style="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 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="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 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="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="8%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1.3% + TJLP and fixed rate
      2.5% to 6% + 1.5%</FONT></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"><FONT lang=EN-US 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="8%" noWrap align=right>
      <P style="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>55,435 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>85,373 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,018,189 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>27,847</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>928,622</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>879,681</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="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%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>110.8%
      to 113.7% of CDI</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>60,670 </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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,750,000 </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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>60,670</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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,750,000</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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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" vAlign=bottom width="9%" colSpan=2>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>109.5% to 116.5% CDI and
      fixed rate of 8%</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="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>522,418 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>118,870 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,200,000 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>473,139</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,200,000</FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" 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="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%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>112.5% and 113%
      CDI</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>92,976 </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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>92,976</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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="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="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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Intercompany</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="8%">
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>110.79% CDI</FONT></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"><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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Drawee risk</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 align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>84,063 </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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>56,237 </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="8%" 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="8%" 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>84,063 </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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>56,237 </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="8%" 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="8%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Others</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="8%">
      <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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,229 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12,107 </FONT></P></TD>
    <TD style="BACKGROUND: #dbe5f1; 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; 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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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="19%" 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-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>821,791</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,219,154</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>15,180,296</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="8%" noWrap align=right>
      <P style="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 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>738,695</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,297,828</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>13,078,622</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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,901,384</FONT></B></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,284,609</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>32,484,576</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,901,861</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,209,276</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>31,177,912</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" colSpan=3>
      <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="8%" noWrap align=right>
      <P style="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>(26,703)</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(76,742)</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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(22,788)</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="8%" noWrap align=right>
      <P style="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 align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(68,895)</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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(61,966)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" 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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,874,681</FONT></B></P></TD>
    <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,261,203</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>32,407,834</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,879,073</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,190,914</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>31,109,017</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 align=right>
      <P style="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="8%" noWrap align=right>
      <P style="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></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
balances of forfaiting and drawee risk operations totaled R$ 372,835 at December
31, 2015 (R$ 470,679 at December 31, 2014), see Note 2aa.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
balances of prepaid related parties borrowings total R$5,929,037 as of December
31, 2015 (R$5,302,985 as of December 31, 2014) and the balances of Fixed Rate
Notes and related parties Bonds total R$4,088,749 (R$2,781,330 as of December
31, 2014), see note 18b.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<a name="_bclFooter74"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>73</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader75"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader75"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader75"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader75"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader75"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader75"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Maturities
of borrowings, financing and debentures presented in non-current
liabilities</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 31, 2015, the inflation-adjusted principal of long-term borrowings,
financing and debentures by maturity year is as follows:&nbsp;
</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2017</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,458,605</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,216,992</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2018</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,779,525</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,932,702</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2019</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,870,087</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,739,948</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2020</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,483,766</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,153,209</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2021</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,320,721</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,081,815</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>After
    2021</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,667,072</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,053,246</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual
      bonds</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,904,800</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,484,576</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>31,177,912</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100%</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Debt
renegotiation</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In
September 2015, the Company completed the lengthening of part of its debts with
Caixa Economica Federal amounting to R$ 2,570,000, and with Banco do Brasil SA,
amounting to R$ 2,208,000, changing the maturities scheduled for the years 2016
and 2017 for the period between 2018 and 2022, in installments equally
distributed.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Amortization and new borrowings, financing and debentures
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The table
below shows the new funding transactions and redemption during the
year:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening
      balance</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,354,058
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27,788,695
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29,560,826
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,291,619
      </FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Funding
      transactions</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>978,206 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,907,479
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,694,533
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,401,090
    </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting funding / Drawee
      Risk</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>924,706 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>641,430 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>924,706 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>641,430
  </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Repayment</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,850,077)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,460,478)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,542,921)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,338,772)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Charges &#8211;
      payments</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,146,306)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(276,754)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,146,306)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(276,754)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting
      payments</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,957,762)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,401,241)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,656,208)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,084,300)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting
      charges</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,064)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,078)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,064)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,078)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision of
      charges</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,052,164 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,524,849 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,996,662 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,309,311 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision charges Forfaiting
      / Drawee Risk</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,032 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,032 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 106%"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(1)</FONT></FONT></SUP></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,932,558
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,632,156
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,161,830
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,619,280
    </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="32%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing
      balance</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34,282,515
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,354,058
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>33,988,090
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29,560,826
      </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(1)
Includes interests, unrealized foreign exchange and monetary gains and
losses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>In 2015 the Group captures and
amortizing loans as shown below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter75"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>74</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader76"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol></FONT></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Funding</FONT></B></FONT></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transaction</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial
      institution</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Date</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Promissory note</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banco
      do Brasil</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>March
      2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,000
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>July
      2015</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      Credit Note</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banco
      do Brasil</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>January 2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>200,000
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>December 2017</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8th
      Issue of Debentures</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banco
      do Brasil</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>January 2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,000
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>January 2022</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9th
      Issue of Debentures</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banco
      do Brasil</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>July
      2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,000
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>March
      2022</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pre -
      Export Payment</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Caterpillar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>April
      2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>208,563
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>March
      2020</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pre -
      Export Payment</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Caterpillar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>July
      2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>260,375
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>March
      2020</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,268
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>978,206
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Amortization</FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payment of
      principal</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Debt charges</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed
      Rate Notes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,048,880
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>729,992
      </FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Debentures</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>782,500
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>274,431
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Bank
      Credit Bill</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,031,735
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      Credit Note</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>695,291
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Advance Cambial Agreement</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,839
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,434
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pre -
      Export Payment</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>387,651
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>191,481
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Promissory note</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,000
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,620
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>BNDES/FINAME</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>48,656
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28,540
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pre -
      Debt Payment</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>416,269</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,282
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,238
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,850,077
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,957,762
      </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>FINANCIAL
INSTRUMENTS </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>I -
Identification and measurement of financial instruments</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The Company
enters into transactions involving various financial instruments, mainly cash
and cash equivalents, including short-term investments, marketable securities,
trade receivables, trade payables, and borrowings and financing. The Company
also enters into derivative transactions, especially exchange and interest rate
swaps.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Considering
the nature of these instruments, their fair value is basically determined by
using Brazil&#8217;s money market and mercantile and futures exchange quotations. The
amounts recognized in current assets and current liabilities have immediate
liquidity or short-term maturity, mostly less than three months. Considering the
maturities and characteristics of such instruments, their carrying amounts
approximate their fair values.</FONT></FONT></P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>75</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Classification of financial instruments </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=3 width="24%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" colSpan=9>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Available for sale</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value through profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and receivables - effective interest rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other liabilities - amortized cost method</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balances</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Available for sale</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value through profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and receivables - effective interest rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other <BR>liabilities -<BR>amortized<BR>cost <BR>method</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ajusted Balances</FONT></B></P></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="24%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,861,052 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,861,052 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,686,021 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,686,021 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Short-term investments - margin deposit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>763,599 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>763,599 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,500,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,500,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,650,967 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,650,967 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>174,611 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>174,611 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,798 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,798 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans - related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>517,493 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>517,493 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>129,370 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,125,463 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,254,833 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>188,409 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,854,481 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,042,890 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,877 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,877 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,347 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,347 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,441,032 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,441,032 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Short-term investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,874 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans - related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,214 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>117,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>117,357 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>380,091 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>851,765 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,441,032 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,578 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,594,610 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="24%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>129,370 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,505,554 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,106,598 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,441,032 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>188,409 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,008,059 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,637,500 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,901,384 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,901,384 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,284,609 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,284,609 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,293,008 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,293,008 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,167,826 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,167,826 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends and interest on capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>464,982 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>464,982 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>277,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>277,097 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,659,374 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,685,631 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,729,532 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,729,597 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,484,576 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,484,576 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,164,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,164,265 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,301 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,484,576 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,484,576 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,301 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,164,265 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,185,566 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,143,950 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,170,207 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,366 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,893,797 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,915,163 </FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fair value measurement </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the financial instruments recognized at fair value through profit or loss using a valuation method:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="34%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" width="1%">&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 1</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 2</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balances</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 1</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 2</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balances</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial assets at fair value through </FONT></B></FONT></P>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>profit or loss</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Derivative financial instruments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,592</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,592</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>174,611</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>174,611</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trading securities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,778</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,778</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,798</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,798</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Available-for-sale financial assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>471,674</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>471,674</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,441,032</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,441,032</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>482,452</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,592</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>601,044</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,454,830</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>174,611</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,629,441</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial liabilities at fair value </FONT></B></FONT></P>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>through profit or loss</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Derivative financial instruments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>26,257</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>26,257</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>65</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>65</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial liabilities at fair value </FONT></B></FONT></P>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>through profit or loss</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Derivative financial instruments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,301</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,301</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>26,257</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>26,257</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,366</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: -1pt; MARGIN: 0in 0in 0pt 1pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,366</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 2 -&nbsp; Includes observable inputs in market such as interest rates, exchange etc., but not prices traded in active markets.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>There are no assets and liabilities classified as level 3.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>II &#8211; Investments in financial instruments classified as available-for-sale and measured at fair value through OCI</FONT></B></FONT><EM><FONT style="LINE-HEIGHT: 115%"> </FONT></EM></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consist mainly of investments in shares acquired in Brazil involving companies considered as top ranked by the Company, which are recognized in noncurrent assets, and any gains or losses are recognized in shareholders' equity, where they will remain until actual realization of the securities or when any loss is considered unrecoverable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Potential impairment of available-for-sale financial assets</FONT></I></B></FONT></P>

<a name="_bclFooter77"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>76</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Company has investments in
common (USIM3) and preferred (USIM5) shares of Usiminas (&#8220;Usiminas Shares&#8221;),
designated as available-for-sale financial assets. The Company adopts this
designation because the nature of the investment is not comprised in any other
categories of financial instruments (loans and receivables, held-to-maturity
investments or financial assets at fair value through profit or loss). The asset
is classified as a non-current asset in line item &#8220;investments&#8221; and is carried
at fair value based on the quoted price on the stock exchange (BM&amp;FBOVESPA).
According to the Company's policy, the gains and losses arising from changes in
the price of shares are recorded directly in equity, as other comprehensive
income.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Company's accounting policy
requires a quarterly analysis based on quantitative and qualitative information
available in the market from the moment the instrument demonstrates a drop of
more than 20% of their market value or</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>from a significant drop in market
value compared to their acquisition cost for more than 12 months. If the Company
concludes that there was a significant drop in the price of the instrument, an
impairment loss must be recognized. In 2012, considering the price of Usiminas
shares on the BM&amp;FBovespa, was recorded the first impairment loss on that
shares. According to this policy, whenever the share price reached a level lower
than the last record impairment, the Company should record further losses,
redefining the new minimum threshold value of the shares.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>In the year 2015 there was a
reduction in the price of the shares to the level of the last recorded loss,
therefore, the Company recorded the new losses to the income statement in the
amount of R$555,298,&nbsp; in line item other operating expenses and constituted
the total of R$33,269 as deferred taxes.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The market value of the shares was
lower than the base price of the last impairment, as follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Class of shares</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Quantity</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="75%" colSpan=9 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stock Exchange Market
      price(BM&amp;FBovespa)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share Market Price of last impairment
      recorded in 2014</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>06/30/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>09/30/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Common</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>71,390,300
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6.64 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.02 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Preferred</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>105,215,700
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5.05 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.97 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.12 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3.35 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1.55 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>176,606,000
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The change in the carrying amount
of Usiminas is presented below:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Class of shares</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Quantity</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="25%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Market Variation as
      2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share price</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing Balance</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share price</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing Balance</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share price</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing
  Balance</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Common</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>71,390,300</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12.30</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>878,101</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.02</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>286,989</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8.28)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(591,112)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Preferred</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>105,215,700</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5.05</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>531,339</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.55</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>163,084</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3.50)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(368,255)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>176,606,000</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,409,440</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>450,073</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(959,367)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The negative variation in the price
of shares on 2015 amounting to R$959,367 were recognized in other comprehensive
income, offsetting the gain that was recorded as of December 31, 2014 amounting
to R$404,069. Subsequently, the loss of R$555,298 was recoded in profit/loss, in
line item other operating expenses. In addition, refer to reconciliation
below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Class of shares</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Quantity</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share price basis for
      impairment</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accounting balance basis
      for<BR>impairment</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>I</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>mpairment
      Loss</FONT></I></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Common</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>71,390,300</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6.64</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.02</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>474,032</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>286,989</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(187,043)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Preferred</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>105,215,700</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.05</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.55</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>531,339</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>163,084</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(368,255)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>176,606,000</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,005,371</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>450,073</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(555,298)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Share market price
risks</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Company
is exposed to the risk of changes in share prices due to the investments made
and classified as available-for-sale. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>According
to the Company&#8217;s accounting policies, any negative changes in the investment in
Usiminas considered significant (impairment) are recognized in profit or loss,
and positive changes are recognized in comprehensive income until the investment
is realized.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 2015, the amount recognized in comprehensive income for investments
available for sale, net of taxes is R$(73).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>III -
Financial risk management</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<a name="_bclFooter78"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>77</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader79"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader79"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader79"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader79"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader79"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader79"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Company has and follows a
policy of managing its risks, with guidelines regarding the risks incurred by
the company. Pursuant to this policy, the nature and general position of
financial risks are regularly monitored and managed in order to assess the
results and the financial impact on cash flow. The credit limits and the quality
of counterparties&#8217; hedging instruments are also periodically reviewed.&nbsp;
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Under this policy, market risks are
hedged when it is considered necessary to support the corporate strategy or when
it is necessary to maintain a level of financial flexibility.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Under the terms of the risk
management policy, the Company manages some risks by using derivative
instruments. The Company&#8217;s risk policy prohibits any speculative deals or short
sales.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>13.a)
Foreign exchange and interest rate risks</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; LINE-HEIGHT: 115%; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Exchange
rate risk</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&nbsp;The exposure arises from the existence of assets and
liabilities generated in US dollars or Euro and is denominated natural currency
exposure. Net exposure is the result of offsetting the natural currency exposure
by hedging instruments adopted by CSN. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter79"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>78</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader80"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader80"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader80"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader80"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader80"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader80"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The consolidated net exposure as of December 31, 2015 is
as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign Exchange Exposure</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Amounts in
      US$&#8217;000)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Amounts in
    &#8364;&#8217;000)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash
      and cash equivalents overseas</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,625,202</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,197</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade
      receivables </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>169,511</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,258</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other
      assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>57</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,743</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total
      assets</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,794,770</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,198</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,569,415)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(121,989)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade
      payables</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,195)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,944)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other
      liabilities</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,005)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(92,363)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total
      liabilities</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,614,615)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(219,296)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange exposure</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,819,845)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(186,098)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Notional amount of derivatives contracted,
      net</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,435,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash
      flow hedge accounting</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,557,667</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net
      Investment hedge accounting</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,000</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net
      foreign exchange exposure</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>172,822</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(66,098)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; LINE-HEIGHT: 115%; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Interest
rate risk</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Risk arises from short and long
term liabilities with fixed or post fixed interest rates and inflation rates.
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Item 13 b) shows the derivatives
and hedging strategies to protect exchange and interest rates
risks.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>13.b)
Hedging instruments: derivatives and hedge accounting</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN uses several instruments for
protection of foreign currency risk and interest rate risk, as shown in the
following topics: </FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Portfolio of derivative financial instruments</FONT></B></FONT></P>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value<BR>(market)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value<BR>(market)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Impact on finance income (cost) in 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maturity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Functional Currency</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset<BR>position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability<BR>position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amounts<BR>receivable/<BR>(payable)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset<BR>position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability<BR>position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amounts<BR>receivable/<BR>(payable)</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Santander</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,414 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,068)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,346 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total dollar x CDI swap</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,414 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,068)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,346 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ita&#250; BBA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>340,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>900,795 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(845,425)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,370 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>217,734 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>HSBC</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>568,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,502,936 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,430,394)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72,542 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>279,400 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>HSBC</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,416 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(26,481)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(65)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deutsche Bank</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>140,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>370,134 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(361,327)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,807 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>156,387 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goldman Sachs</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>130,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>344,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(329,258)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,949 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119,669 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Santander</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>79,224 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,576)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,648 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,447 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total dollar x real swap (NDF)</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,218,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,223,712 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,070,461)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,251 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>785,702 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BM&amp;FBovespa</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/03/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,435,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,075 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,075 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,381 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total forward dollar</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,435,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,075 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,075 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,381 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>HSBC</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Euro</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>98,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(96,444)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,244 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,783 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ita&#250; BBA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Euro</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>197,366 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(192,888)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,478 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,885 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total dollar x euro swap (NDF)</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>296,054 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(289,332)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,722 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,668 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BBVA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>01/12/2016 to 03/31/2016 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,450 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>154,017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(147,674)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,343 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNPP</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>01/29/2016 to 06/02/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>73,007 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(71,703)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,304 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,516 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>83,768 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(80,215)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,553 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,249)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Novo</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,009 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47,866 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,481)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,385 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,385)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>DB</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>D&#243;lar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,604 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,054)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,289 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,114)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total dollar-to-euro swap</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58,150 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>227,024 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(219,377)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,647 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>80,129 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>212,977 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(203,750)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,227 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,405)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ita&#250; BBA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/01/16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>150,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>189,760 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(200,680)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,920)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>150,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>168,496 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(177,265)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,769)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,151)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>HSBC</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>02/05/2016 to 03/01/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>185,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>233,125 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(247,710)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,585)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>185,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>206,843 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(218,768)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,925)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,660)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deutsche Bank</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/01/16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,579 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,331)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(752)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,167 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,774)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(607)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(145)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="22%" colSpan=4>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Fixed rate-to-CDI interest rate swap</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>345,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>435,464 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(461,721)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(26,257)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>345,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>386,506 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(407,807)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(21,301)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,956)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ita&#250; BBA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/01/16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,396 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,232)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>164 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>HSBC</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>02/05/2016 to 03/01/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133,508 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(132,802)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>706 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>706 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total interest rate- to-CDI swap</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>150,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>166,904 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(166,034)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>870 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>870 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>939,467 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(847,132)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92,335 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,149,663 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,996,418)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,245 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>842,242 </FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Forward exchange rate contracts</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As part of the hedging strategy of natural exposure to dollar, CSN contracts foreign exchange derivative instruments. As of December 31, 2015 the Company held in its portfolio forward dollar contracts traded at BM&amp;F Bovespa which totaled the notional amount of US$ 1.435 billion.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These contracts consist in negotiating the exchange rate of Reais to US dollar, for prompt delivery, contracted under Resolution 1.690/90 of the National Monetary Council (CMN) in standard contracts established by BM&amp;F Bovespa. CSN determines the required volume of currency to be purchased in accordance with its foreign exchange management strategy and negotiates a sufficient volume of contracts to achieve this financial volume. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The maturity of the portfolio always occurs on the first business day of the contract&#180;s maturity month, being renewable every 30 days, in average. The contract settlement is exclusively financial, on the due date and occurs daily until the maturity. The position held by the Company is set at the end of each session based on the difference of the day's settlement price (D0) compared to the previous day price (D-1), and is settled on the following day (D+1), according to the rules of BM&amp;F.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;For as much as the Company maintains contracts traded on the BM&amp;F Bovespa, it is required by the clearing house a guarantee margin to cover those commitments in these contracts, which is only a percentage of the contract&#180;s total amount. CSN maintains securities linked to this guarantee margin, consisting mainly of government bonds, which will be redeemed after the end position. The amounts of these investments are described in Note 5.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;The contracts on the BM&amp;F Bovespa have been carried out to replace the foreign exchange swap contracts (NDF - Non Deliverable Forward) traded in over the counter markets.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Dollar x Euro swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The subsidiary Lusosider has derivative transactions to protect its dollar exposure versus euro.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fixed rate-to-CDI swap</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The purpose of this transaction is to peg obligations subject to a fixed rate to interest rates based on the average rate of interbank deposits of one day (CDI), calculated and disclosed by CETIP. Basically, the Company contracted swaps for its obligations indexed to fixed rates, in which it receives interest on the notional amount (long position) and pays a 100% of the certificate of deposit interbank - CDI (pre-fixed rate) on the notional amount of the contract date (short position). The gains and losses on this contract are directly related to CDI fluctuations. In general, these are transactions conducted in the Brazilian over-the-counter market that have as counterparty a prime financial institution.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>80</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CDI-to-Fixed rate swap</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The purpose of this transaction is
to peg obligations subject to a post-fixed rate (CDI) to a fixed rate.
Basically, the Company contracted swaps for its obligations indexed to CDI, in
which it receives interest on the notional amount (long position) and pays a
pre-fixed rate on the notional amount of the contract date (short position). The
gains and losses on this contract are directly related to CDI fluctuations. In
general, these are transactions conducted in the Brazilian over-the-counter
market that have as counterparty a prime financial
institution.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Classification of the derivatives
in the balance sheet and statement of income</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="84%" colSpan=13>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Instruments</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net
      Finance Income (Note 25)</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to-CDI
      swap</FONT></I></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- real swap
      (NDF)</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>785,702 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forward
    dollar</FONT></I></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,075 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,075 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,381 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- euro swap
      (NDF)</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,668 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to- euro
      swap</FONT></I></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,647 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,647 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,405)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed rate- to- CDI
      swap</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,956)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CDI -to- fixed rate
      swap</FONT></I></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>870 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>870 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>870 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>842,242 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Instruments</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net
      Finance Income (Note 25)</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to-CDI
      swap</FONT></I></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,346 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,346 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,735)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- real swap
      (NDF)</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,316 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,316 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>213,602 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- euro swap
      (NDF)</FONT></I></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,722 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,722 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,397 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to- euro
      swap</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,227 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,227 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,605 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed rate- to- CDI
      swap</FONT></I></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(943)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed rate- to- CDI
      swap</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,301 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,301 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,926)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>174,611 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>174,611 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,301 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,366 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>238,000
  </FONT></B></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Hedge accounting &#8211; cash
flow</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Beginning November 1, 2014, the
Company formally designated cash flow hedging relationships to protect highly
probable future cash flows against US dollar fluctuations. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>In order to better reflect the
accounting impacts of this foreign exchange hedging strategy on its profit, CSN
designated part of its US dollar-denominated liabilities as a hedging instrument
of its future exports. As a result, foreign exchange differences arising on
translating the designated liabilities will be temporarily recognized in
shareholders&#8217; equity and allocated to profit or loss when such exports are
carried out, which will allow recognizing the US dollar impact on liabilities
and exports concurrently. Note that adopting hedge accounting does not entail
contracting any financial instrument. As of December 31, 2015 the Company
designated for hedge accounting US$1,558 million in exports to be carried out
between October, 2016 and October, 2022.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>To support these designated
amounts, the Company prepared formal documentation indicating how hedging is
aligned with the goal and strategy of CSN&#8217;s Risk Management Policy by
identifying the hedging instruments used, the hedging purpose, the nature of the
hedged risk, and showing the expected high effectiveness of the designated
relationships. The designated debt instruments total an amount equivalent to the
portion of future exports. Thus, the exchange differences on translating the
instrument and the hedged item are similar. According to the Company&#8217;s
accounting policy, continuous assessments of the prospective and retrospective
effectiveness must be carried out by comparing the designated amounts with the
expected amounts, approved in Management&#8217;s budgets, and the actual export
amounts. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Through hedge accounting, the
exchange gains and losses of the debt instruments do not immediately affect the
Company&#8217;s profit or loss except to the extent that exports are carried
out.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The table below shows a summary of
the hedging relationships as of December 31, 2015:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>81</FONT></P>
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  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Designation Date</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: 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="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedging Instrument</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: 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: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedged item</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of hedged risk</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedged period</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange rate on designation</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Designated amounts (US$&#8217;000)</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on shareholders&#8217; equity</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11/3/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October
      2016-<BR>September<BR>2019 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.4442</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>500,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(730,300)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/1/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2015- February 2019
      (2)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.5601</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>175,000
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(235,556)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/18/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>May 2020 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.6781</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(122,675)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/21/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>March 2021 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.1813</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,000
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(43,410)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/23/2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>March 2021 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.2850</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(61,980)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/23/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2022 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.285</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,000
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,594)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/24/2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2022 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.3254</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(57,940)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/27/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2022 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.3557</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,000
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(13,728)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/27/2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2022 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.3557</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>70,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(38,437)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/27/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2022 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.3557</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,000
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,473)</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/28/2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2022 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.3815</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,699)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8/1/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.3940</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,000)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,597
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8/3/2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2022 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.3940</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>355,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(181,334)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10/29/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Export
      prepayments in US$ to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Part of the
      highly probable future monthly iron ore exports</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange
      - R$ vs. US$ spot rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.5601</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,333)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,439
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,557,667
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,520,090)</FONT></B></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1) During the third quarter 2015,
we reviewed the future export projections and identified that the amount of US$
9 million designated previously were not highly probable. According to internal
policy, the hedge relationship was discontinued prospectively, since the resume
of exports in future periods is possible.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;(2) On October, 2015 was
settled the portion of debt designated as a hedge instrument. Therefore, we
revert to the profit/loss the accumulated exchange rate variation related this
installment.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>In the hedging relationships
described above, the amounts of the debt instruments were fully designated for
equivalent iron ore export portions. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The movements in the hedge
accounting amounts recognized in shareholders&#8217; equity as of December 31, 2015
are as follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="59%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Addition</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reversal</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash
      flow hedge accounting </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,633</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,410,896</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,439)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,520,090</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="59%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income
      tax and social contribution on cash flow hedge
    accounting</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(41,015)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(479,705)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,889</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(516,831)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Not
      recorded Income tax and social contribution on cash flow hedge
      accounting</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>357,951</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>357,951</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair
      value of cash flow hedge, net of taxes</FONT></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>79,618</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,289,142</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,550)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,361,210</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>As of December 31, 2015 the hedging
relationships established by the Company were effective, according to the
prospective tests conducted. Thus, no reversal for hedge accounting
ineffectiveness was recognized. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Hedge of net investment in foreign
subsidiaries</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CSN has
natural foreign exchange exposure in euros arising significantly from loan made
by a subsidiary abroad with functional currency in Reais, for the acquisition of
investments abroad whose functional currency is Euro. Such exposure arises from
converting the balance sheets of these subsidiaries for consolidation in CSN,
and the exchange rate of the loans affected the income statement in the
financial result item and exchange variation of the net assets of the foreign
operation directly affected the equity in other comprehensive income.
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As from 1
September 2015 CSN began to adopt hedge of net investment to eliminate exposure
in order to cover future fluctuations of the euro on such loans. Non-derivative
financial liabilities have been designated represented by loan agreements with
financial institutions in the amount of &#8364; 120 million. The carrying amounts as
of December 31, 2015 are:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Designation Date</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedging Instrument</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedged Item</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of Hedged Risk</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange Rate on designation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Designated amounts (EUR'000)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on shareholders'
  equity</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>09/01/2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-derivative financial<BR>liabilities in EUR &#8211;
      Debt contract</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments in subsidiaries which<BR>EUR is the
      functional currency</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange -<BR>R$ vs. EUR spot
      rate</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.0825</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,148)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,000 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,148)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>82</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader84"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader84"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader84"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader84"></a><DIV>&nbsp;</DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Changes in
amounts related to hedge of net investment recorded in equity as of December 31
2015 is presented below:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Addition</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reversal</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net
      investment hedge in foreign operations</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,148 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,148 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair
      value of net investment hedge in foreign
    operations</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,148 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,148 </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>On December
31, 2015 hedge relationships established by the Company found to be effective,
according to prospective tests. Therefore, no reversal by ineffectiveness of the
hedge was recorded.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>83</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>13.c)
Sensitivity analysis</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&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: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>We present below the sensitivity analysis for currency
risk and interest rate.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sensitivity analysis of Derivative
Financial Instruments and consolidated Foreign Exchange
Exposure</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Company
considered scenarios 1 and 2 as 25% and 50% of deterioration for volatility of
the currency, using as reference the closing exchange rate as of December 31,
2015. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
currencies used in the sensitivity analysis and its scenarios are shown
below:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Currency</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange rate</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Probable
    scenario</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 2</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>USD</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.9048</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.9116</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.8810</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.8572</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>EUR</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.2504</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.2359</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.3130</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6.3756</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>USD x
      EUR</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.0887</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.0856</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.3609</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.6331</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest rate</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 2</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14.14%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18.87%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22.64%</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*)
</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The effects on income statement, considering both
scenarios are shown below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; 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 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Instruments</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Notional<BR>amount</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Probable<BR>scenario
      (*)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 2</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Future d&#243;lar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,435,000 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>D&#243;lar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,758 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,400,847 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,801,694 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge accounting of exports</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,557,667 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>D&#243;lar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,592 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,520,595 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,041,190 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Currency position</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,819,845)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>D&#243;lar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(19,175)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,752,733)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,505,466)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(not
      including exchange derivatives above)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated exchange
    position</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>172,822 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>D&#243;lar</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,175 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>168,709 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>337,418 </FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(including exchange derivatives
      above)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge of net investments in foreign
      operations</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>120,000 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Euro</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,740)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>127,511 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>255,022 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Currency position</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(186,098)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Euro</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,698 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(197,747)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(395,494)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated exchange
    position</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(66,098)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Euro</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>958
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(70,236)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(140,472)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(including exchange derivatives
      above)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dollar-to-euro swap</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,150 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>D&#243;lar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>152,522 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,682)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,804)</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*) The
likely scenarios were calculated considering the following changes to the risks:
Real x Dollar - Real depreciation of 0.17% / Real x Euro &#8211; Real depreciation of
0.34% / Dollar x Euro - Dollar depreciation of 0.28%. Source: prices Banco
Central do Brasil and Central Bank of Europe in March 2,
2016.</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sensitivity analysis of interest
rate swaps</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> </FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Instruments</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Notional<BR>amount</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Probable<BR>scenario
      (*)</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 2</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed
      rate-to-CDI interest rate swap</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>345,000 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,257)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,456)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,806)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-CDI interest rate
      swap</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>150,000 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>870 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,208 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,375 </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*) The
sensitivity analysis is based on the assumption of maintaining as probable
scenario the market values as of December 31, 2015 recognized in the company's
assets and liabilities.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sensitivity analysis of changes in
interest rates</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Company
considered the scenarios 1, and&nbsp; 2 as 25% and 50% of evolution for
volatility of the interest as of December 31, 2015.</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%" colSpan=4 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on profit or
      loss</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Changes in interest
      rates</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>% Yearly</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Probable
      scenario(*)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 1</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenario 2</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7.00</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(43,325)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,466)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(36,932)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Libor</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.85</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(449,052)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,775)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,550)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14.14</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,359,986</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(446,791)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(893,582)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>84</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader86"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader86"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader86"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader86"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader86"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*) The
sensitivity analysis is based on the assumption of maintaining as probable
scenario the market values at December 31, 2015 recorded in the Company&#180;s assets
and liabilities.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>13.d)
Liquidity risk</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>It is the
risk that the Company may not have sufficient net funds to honor its financial
commitments as a result of mismatching of terms or volumes between scheduled
receipts and payments.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>To manage cash liquidity in
domestic and foreign currency, assumptions of future disbursements and receipts
are established and daily monitored by the treasury area. The payment schedules
for the long-term portions of borrowings, financing and debentures are shown in
note 12.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The following table shows the
contractual maturities of financial liabilities, including accrued
interest.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At
      December 31, 2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Less than
      one<BR>year</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From one to<BR>two
      years</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From two to
      five<BR>years</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Over five years</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 11.35pt; 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: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings, financing and
      debentures</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,901,384 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,238,130 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,674,574 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,571,872 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,385,960</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivative financial
instruments</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,257 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,257 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade
      payables</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,293,008 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,293,008</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends and interest on
    capital</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>464,982 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>464,982 </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;Fair values of assets and
liabilities as compared to their carrying amounts</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Financial
assets and liabilities at fair value through profit or loss are recognized in
current and non-current assets and liabilities, and any gains and losses are
recognized as finance income or finance costs, respectively.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The amounts
are recognized in the financial statements at their carrying amounts, which are
substantially similar to those that would be obtained if they were traded in the
market. The fair values of other long-term assets and liabilities do not differ
significantly from their carrying amounts, except the amounts
below.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The
estimated fair values for certain consolidated long-term borrowings and
financing were calculated at prevailing market rates, taking into consideration
the nature, terms and risks similar to those of the recorded contracts, as
compared below:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Carrying amount</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Carrying amount</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Perpetual bonds</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,910,115 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,330,685 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,659,815 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,974,031 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed
      rate notes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,086,760 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,915,310 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,232,986 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,267,272
</FONT></FONT></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<a name="_bclFooter86"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>85</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader87"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader87"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader87"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader87"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader87"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader87"></a><DIV>&nbsp;</DIV>
<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 lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>14.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>OTHER
PAYABLES</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The group
of other payables classified in current and non-current liabilities is comprised
as follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=4 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Current</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Current</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payables to related parties
      (Note 19 b)</FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,798
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>249,758
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,236,716
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,106
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>339,613
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,653
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,810,648
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial
      instruments (Note 13 I)</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257
      </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65
      </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,301
      </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds
    (1)</FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,387
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends and interest on
      capital payable to controlling shareholders</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>152,966
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>152,966
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends and interest on
      capital payable to non-controlling shareholders</FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>464,982
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>124,131
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,262
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>124,131
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances from
      customers</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,505
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,905
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,988
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,932
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes in
      installments</FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,237
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,358
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,890
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,728
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,207
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,348
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,476
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,823
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit sharing -
      employees</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>171,695
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120,278
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>121,423
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>108,902
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for
      freight</FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>105,104
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,349
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,190
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,719
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision industrial
      restructuring</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>122,854
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>74,382
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other
provisions</FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,784
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,873
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,289
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,673
      </FONT></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,801
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,426
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,394
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,618
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,465
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,313
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,321
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,041
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 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: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,073,017 </FONT></B></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 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: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>845,109
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 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: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131,284 </FONT></B></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,315,363 </FONT></B></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>411,699 </FONT></B></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>803,597 </FONT></B></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>126,450 </FONT></B></P></TD>
    <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,818,512
  </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Refers to
derivative transactions managed by exclusive funds.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></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%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In
connection with the business combination described in note 3, Namisa approved
the dividend distribution in the amount of U$300 million, equivalent to R$1,157
million prior to its merger, in proportion to equity participation of CSN and
JKTC immediately prior to the business combination, which were 60% and 40%
respectively. This obligation was succeeded by the subsidiary Congonhas Min&#233;rios
S.A. after incorporation of Namisa and has its liquidation scheduled for the
last quarter of 2016.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>INCOME TAX
AND SOCIAL CONTRIBUTION </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>15.a)
Income tax and social contribution recognized in profit or
loss:</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The income
tax and social contribution recognized in profit or loss for the year are as
follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent
  Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution income (expense)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(380,831)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(528,170)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,469</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(30,470)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>192,207</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>679,323</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>557,443</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>622,512</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(188,624)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>151,153</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>559,912</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>592,042</FONT></B></FONT></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>
<a name="_bclFooter87"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>86</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader88"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader88"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader88"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader88"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader88"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader88"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
reconciliation of consolidated income tax and social contribution expenses and
income and the result from applying the effective rate to profit before income
tax and social contribution are as follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent
  Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) profit before income
      tax and social contribution</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,804,575</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(263,420)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,057,881</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(697,260)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax rate</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution at combined statutory rate</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(613,556)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>89,563</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(359,680)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>237,068</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjustment to reflect the
      effective rate:</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity
      pickup</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>394,518</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>112,594</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,151,781</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>373,403</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit with differentiated
      rates or untaxed</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>829,265</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,772</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfer pricing
      adjustment</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(66,447)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,350)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(70,083)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,350)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax loss carryforwards
      without recognizing deferred taxes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(176,795)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,259)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34,196</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Indebtdness
      limit</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,091)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,170)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,091)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,170)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred taxes on temporary differences - non
      computed </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1)</FONT></FONT></SUP></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,143,365)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,133,091)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Refis Effect and early
      discharge </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,586)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,649)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,589)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,566</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred taxes on foreign
      profit</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>72,376</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,784)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value on Namisa
      participation of 60%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>632,030</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other permanent deductions
      (add-backs)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(59,973)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,652</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,747)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,475)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution in profit for the period</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(188,624)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>151,153</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>559,912</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>592,042</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effective tax
      rate</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>57%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-53%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>85%</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(1) As from
third quarter of 2015 the Company no longer computes income tax and social
contribution credits on tax losses and temporary differences. See details in
note 15 (b).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>87</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>15.b) Deferred income tax and social contribution:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The deferred income tax and social contribution are calculated on income tax and social contribution tax losses and the temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="45%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax losses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Comprehensive<BR>income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; 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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax Cr&#233;dits (**)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred tax assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>383,185 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,629 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(137,563)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,910 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>264,161 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Social contribution tax losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,662 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,188 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,804 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>106,654 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,157,211 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>250,519 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>599,285 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70,803)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,936,212 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>226,741 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,401 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,088)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231,054 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,925 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,243 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,667)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,501 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Asset impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,981 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>138 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(408)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,711 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,366 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,007)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,475)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,884 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- (Gains)/losses on financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,419)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>965 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,454)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- (Gains)/losses on available-for-sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>618,291 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>140,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>188,801 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>947,989 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="43%" colSpan=4>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Income tax and social contribution non computed o/ available-for-sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(155,533)</FONT></P></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(155,533)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163,627 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(68)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163,559 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,483 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,481 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,541)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,423 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,852 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,653 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,111)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,394 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Goodwill on merger</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(102,659)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,435)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120,305 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,211 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Unrealized exchange differences (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,011,007 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,416,919 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,427,926 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- (Gain) on loss of control over Transnordestina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,096)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,096)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,015 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>475,816 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>516,831 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="43%" colSpan=4>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Income tax and social contribution non computed o/ cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(357,951)</FONT></P></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(357,951)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Deferred taxes non computed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,087,695)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,087,695)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>158,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>260 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,614 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,513)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>196,458 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,616,058 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>262,148 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>489,910 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,714 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70,803)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,307,027 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred tax liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax loss carryforwards</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(385)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(385)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Negative basis of social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(138)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(138)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>238,892 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,652 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>298,226 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(109,396)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>495,374 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(567)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,302)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,869)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>878 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,667)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(789)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Asset impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,743)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,698)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,441)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(439)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,725)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,164)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(504)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(104)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(608)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,102 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(64,079)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(42,977)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,111)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,128)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Fair value adjustment - SWT Aquisition</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>222,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,406 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,311)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>252,549 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining Business combination </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>317,041 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,402 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>336,443 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Deferred Income taxes and social not constituted</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>614 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>614 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,438 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,750 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>772 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(26,216)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,256)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>238,892 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,652 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>297,703 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(109,396)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>494,851 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="49%" colSpan=9 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Movement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Comprehensive<BR>income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; 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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Incorporation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Drop Down</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=middle width="8%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax Cr&#233;dits (**)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred tax assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>219,211 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>125 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,910 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>226,246 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Social contribution tax losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,662 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,565 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,804 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>93,031 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,144,056 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>267,269 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>542,753 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,042 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(73,436)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,909,684 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>218,645 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,152 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,153 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,088)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>216,862 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,925 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,243 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,667)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,501 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Asset impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,304 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(769)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,356 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(408)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,483 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,939 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,717)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>831 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,296)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,757 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(Gain)/loss in financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,037)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>646 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,063)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,454)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- (Gains)/losses on available-for-sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>594,397 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>149,404 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>188,801 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,387 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>947,989 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Income tax and social contribution non computed o/ available-for-sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(155,533)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(155,533)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163,763 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(203)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163,560 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,619 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,554 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,408 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,541)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,040 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,987 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,060 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,111)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,087 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Unrealized exchange differences (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,011,007 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,416,919 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,427,926 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(Gain) in control loss on Transnorderstina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,096)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,096)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,015 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>475,816 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>516,831 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Income tax and social contribution non computed o/ cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(357,951)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(357,951)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Deferred taxes non computed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(977,558)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(977,558)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,588 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,955 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,325)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,240 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="29%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,438,929 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>267,269 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>557,443 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,042 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(73,436)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,714 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,228,961 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The Company taxes foreign exchange differences on a cash basis to calculate income tax and social contribution.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) Reversal of Company&#180;s tax credits and tax loss carryforwards to settle tax debts, as provided for in Law N<SUP>o</SUP>. 12,865/13, 12,996/14 and 13,043/14,&nbsp; due to exclusion of contingences, related to tax installment program, on the consolidation of debts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has its corporate structure overseas subsidiaries, for which profits are taxed at income tax in the countries where they are domiciled by lower rates than those prevailing in Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>88</FONT></P>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader90"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<a name="_bclHeader90"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader90"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader90"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader90"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader90"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>From 2011
to 2015 some abroad subsidiaries generated profits amounting to R$4,025,071, in
case tax authorities understand that these profits have already been distributed
and, therefore, additional taxation in Brazil, if due, would amount
approximately to R$1,356,111 in income tax and social contribution. The Company,
based on its legal counsel&#8217;s opinion, assessed the likelihood of loss in a
potential challenge by tax authorities as possible and, therefore, no provision
was recognized in the financial statements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Law
12.973/14</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Law 12.973,
enacted in May 2014, brought significant changes to tax legislation, which among
others, revoked the Transition Tax Regime (RTT).Theses changes directly impact
the determination of the income tax and social contribution basis. As from 2015,
the application of the Law is mandatory and CSN applied the Law&#180;s
requirements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Impairment
test - Deferred taxes</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CSN
approved by the Board of Directors&#180; Meeting of November 6 th2015, a study to
demonstrate the generation of future taxable income with which it is expected
that the credits currently registered in the balance sheet are
offset.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The test
was performed considering only the parent company, since the other group
companies have no relevant credits for purposes of this test. The parent company
consists of the following businesses:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&#8226; Flat
Steel Brazil;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&#8226; Long
Steel Brazil;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&#8226;
Mining</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&#8226;
Cement;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&#8226;
Investments in other entities.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The study
was prepared based on the CSN&#180;s financial model of long-term and considered
several scenarios which vary according to different macroeconomic and operating
assumptions. Furthermore, the model considers a combination of assets sales
scenario and liquidity events in order to achieve a specific amount of resources
to CSN allowing a leverage reduction of and consequently, the reduction of
financial expenses. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In
addition, a sensitivity analysis of tax credits utilization considering a change
in macroeconomic assumptions, operational performance and liquidity events took
place. This sensitivity analysis showed that the consumption of credits is
sensitive to exogenous issues and outside the Company's
control.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Thus,
considering the study&#180;s results, which indicates the probable future taxable
income to compensate the deferred income tax and social contribution balances
recognized until June 30, 2015, the Board of Directors agreed to not record the
deferred income tax and social contribution as from the 3rd quarter of 2015. If
we had recorded the deferred income tax and social contribution, on the second
quarter its amount would be R$1.09 billion. Additionally, the study projects the
compensation of the residual balance amounting R$3,229 million for the next
periods according to the schedule below:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>In millions of reais</FONT></I></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2016</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>686
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2017</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>622
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2018</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>152
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2019</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>192
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2020</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>286
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2021</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>464
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2022</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>576
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2023</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>251
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="81%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,229
      </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>15.c)
Income tax and social contribution recognized in shareholders'
equity:</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The income
tax and social contribution recognized directly in shareholders' equity are as
follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#333333 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=#333333 face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>Parent
  Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial gains on defined
      benefit pension plan</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>64,489</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>65,372</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>65,247</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>65,247</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Changes in the fair value on
      available-for-sale financial assets </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>38</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(140,859)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,269</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(130,135)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial gains and assets
      available for sale by incorporation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(19,349)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange differences on
      translating foreign operations </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(425,510)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(425,510)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(425,510)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(425,510)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash flow hedge accounting
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>158,880</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41,015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>158,880</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41,015</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(202,103)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(459,982)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(201,463)</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(449,383)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>89</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_91></A>
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<a name="_bclHeader91"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>16.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Taxes in
installments </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The
position of the Refis debts and other tax installment payment plans, recorded in
taxes in installments in current and non-current liabilities, as mentioned in
note 14, is as follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT face=Arial></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" colSpan=7 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=7 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=4 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Current</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Current</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Federal REFIS Law
      11.941/0(a)</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,891
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,942
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,247
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,173
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,173
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Federal REFIS Law
      12.865/1(a)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>4</FONT>,<FONT style="FONT-SIZE: 8pt" face=Arial>8</FONT>30 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56,661
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other taxes in installments
      (b)</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>7</FONT>,516 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,416
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,982
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,728
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,175
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,476
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,823
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>24</FONT>,<FONT style="FONT-SIZE: 8pt" face=Arial>237</FONT> </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,358
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,890
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,728
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,207
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,348
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,476
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,823
      </FONT></B></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>16.a) Tax
Recovery Program (Federal Refis) </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Federal Law
11.941/09 Tax Installment Payment Program</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>In November
2009 the Company joined the Tax Installment Payment Program introduced by Law
11.941/09, aiming at regularizing tax liabilities through a special payment
system and installment of tax obligations and social security.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The Company
indicated to liquidate immediately tax debts linked to judicial deposits. The
Company awaits the approval by the Federal Revenue Service (RFB) and the
National Treasury Attorney General&#8217;s Office (PGFN) of these amounts, which total
R$9,942.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>National
Minerals SA (NAMISA), incorporated by Congonhas Ores on December 31, 2015, and
now consolidated in these financial statements at December 27, 2013 and November
25, 2014 has chosen to include some debts in the program installment introduced
by Law 11,941 / 2009, due to the reopening of the deadlines for accession
brought by Law No. 12,865 / 13 and 12,996 / 14, respectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Installment
Payment Program, Federal law 12.865/13</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>NAMISA also
chose to include in the tax installment plan established by Article 40 of Law
No. 12,865 / 13, the income tax debts and based on the profits of subsidiaries
located abroad from 2009 to 2012, resulting from the application of Article 74
MP 2158-35 / 2001.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>16.b) Other
tax installments (regular and other)</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Some Group
companies have installment payment plans with the Federal Revenue Service and
state tax authorities.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>17.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>PROVISION
FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL
DEPOSITS</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Claims of
different nature are being challenged at the appropriate courts. Details of the
accrued amounts and related judicial deposits are as follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=7 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=7 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accrued
      liabilities</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Judicial deposits</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accrued
      liabilities</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Judicial deposits</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>143,852
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>129,524
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>82,472
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,836
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>82,619
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>109,173
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,843
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,483
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Social security</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,174
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,277
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,193
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,193
      </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>69,293
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,498
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,193
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,193
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>478,611
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>444,243
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>165,027
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>136,396
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>388,763
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>377,224
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133,686
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>105,833
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Civil</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>128,451
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>106,143
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,634
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,897
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>103,087
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>86,360
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,696
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,588
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Environmental</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,646
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,981
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,697
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,697
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,536
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,978
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,628
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,628
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Judicial
    deposits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,519
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,785
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,177
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>838,734
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>746,168
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>328,542
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>288,804
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>656,298
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>638,233
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>263,046
      </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,902
      </FONT></B></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The changes
in the provision for tax, social security, labor, civil and environmental risks
in the year ended December 31, 2015 were as follows:</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<a name="_bclFooter91"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>90</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_92></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current + Non-
      current</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nature</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additions</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accrued charges</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net utilization of
      reversal</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,524</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,673</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,841</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(114,186)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>143,852</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Social
      security</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,277</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,897</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,174</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Labor</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>444,243</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>213,543</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,445</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(240,620)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>478,611</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Civil
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>106,143</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,951</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,372</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(48,015)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>128,451</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Environmental</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,981</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,401</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>284</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,020)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,646</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>746,168</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>389,568</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>112,839</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(409,841)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>838,734</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 0%" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current + Non-
      current</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nature</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accrued charges</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net utilization of reversal</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>109,173</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>78,645</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,305</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,504)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>82,619</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Social
      security</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>61,498</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,795</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>69,293</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Labor</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>377,224</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>191,422</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>54,483</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(234,366)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>388,763</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Civil
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>86,360</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28,133</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,368</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(43,774)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>103,087</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Environmental</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,978</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,294</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>284</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,020)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,536</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>638,233</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>313,494</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>101,235</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(396,664)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>656,298</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
provision for tax, social security, labor, civil and environmental liabilities
was estimated by management and is mainly based on the legal counsel&#8217;s
assessment. Only proceedings for which the risk is classified as probable loss
are accrued. This provision includes tax liabilities resulting from lawsuits
filed by the Company, subject to SELIC (Central Bank&#8217;s policy
rate).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Tax
lawsuits</FONT></U></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The main
tax lawsuits assessed by the outside legal counsel as probable losses to which
CSN or its subsidiaries are parties are as follows: (i) Municipal tax
assessments (ISS) incident in lease contracts; (ii) ICMS Assessment Notice for
the alleged nonpayment of this tax on product imports; (iii) Tax Forfeiture to
collect ICMS reported but not paid; (iv) collection of income tax and social
contribution for the offset of nonexistent tax credits.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Labor
lawsuits</FONT></U></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 31, 2015, the Group is a defendant in 7,541 labor lawsuits, for which a
provision has been recorded in the amount of R$478,611 (R$444,243 as of December
31, 2014). Most of the claims relate to subsidiary and/or joint liability,
salary equalization, health hazard premiums and hazardous duty premiums,
overtime pay, difference in the 40% fine for the severance pay fund (FGTS)
related to period prior to retirement and as a result of federal government
economic plans, health care plan, indemnity claims resulting from alleged
occupational diseases or on-the-job accidents, breaks between working hours, and
differences in profit sharing from 1997 to 1999 and from 2001 to
2003.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>During the
year ended December 31, 2015 there were addition or write-off movements in labor
lawsuits, due to court orders issued to terminate lawsuits and the constant
revision of the Company&#8217;s accounting estimates related to the provision for
contingencies that take into consideration the different nature of the claims
made, as required by the Company&#8217;s accounting policies. </FONT></FONT></P><FONT style="BACKGROUND: lime; LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>91</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></U></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></U></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Civil lawsuits</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Among the civil lawsuits in which the Company is a defendant are claims for compensation. Generally these lawsuits result from on-the-job accidents, occupational diseases and contractual litigation related to the industrial activities of the Group, real estate actions, healthcare plan, and reimbursement of costs incurred in labor courts. For lawsuits involving civil matters, a provision has been recognized in the amount of R$128,451 as of December 31, 2015 (R$106,143 as of December 31, 2014)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Environmental lawsuits</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to actions collecting the fines imposed for such alleged environmental irregularities and public civil actions claiming regularization coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages to the environment related to the Company&#8217;s industrial activities. For lawsuits involving environmental matters, a provision has been recognized in the amount of R$17,646 as of December 31, 2015 (R$3,981 as of December 31, 2014)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In July 2012 the Company received a legal notice in the lawsuit filed by the State Attorney's Office of the State of Rio de Janeiro, related to Volta Grande IV district in the city of Volta Redonda-RJ, claiming, among others, the removal of two industrial waste cells and 750 (seven hundred and fifty) homes. This lawsuit is classified as probable loss risk, but there is not, until the moment, a complete diagnostic of the risks and so the Company has not estimated the costs for those claims.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As a result of the lawsuit mentioned in the paragraph above, after August 2012 the Company received legal notices related to some lawsuits filed by one of the dwellers of the Volta Grande IV district, who claims the payment of compensation for property damages and pain and suffering, whose amounts are illiquid at the moment, and this lawsuit is classified as possible loss risk.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>On the same matter (Bairro Volta Grande IV), in August 2013 the Company received a subpoena about the lawsuits filed by the Federal Public Prosecution Office (Federal Courts), which has the same claim of the lawsuit filed by the State Public Prosecution Office, described above. This new lawsuit is classified as possible risk of loss since the trend is that the State courts&#8217; decision prevails also in the Federal courts. The risk amount in this new lawsuit is the same of the lawsuit filed by the State Public Prosecution Office.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter93"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_94></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=wingdings><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=wingdings></FONT></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%" face=wingdings><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=wingdings></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT face=Wingdings></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in">&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%" face=wingdings><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=wingdings>&#167;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Other
administrative and judicial proceedings</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The table
below shows a summary of the balance of the main legal matters compared with the
balance at December 31, 2014 and 2015. </FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="66%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Tax assessment notice issued
      against the Company for an alleged sale of 40% of the shares of its joint
      venture NAMISA to a Japanese-Korean consortium,</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>7,743,501
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>7,068,252
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Income tax / Social
      contribution - Assessment Notice and Imposition of Fine (AIIM) - -
      Disallowance of deductions of goodwill generated in the reverse
      incorporation of Big Jump by Namisa (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,250,833
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Assessment Notice and
      Imposition of Fine (AIIM) - Income tax / Social contribution - gloss of
      interest on prepayment arising from supply contracts of iron ore and port
      services</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,105,793
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Tax foreclosures - ICMS -
      Electricity credits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>785,043
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>742,727
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Installments MP 470 - alleged
      insufficiency of tax losses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>587,205
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>521,340
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Offset of taxes that were not
      approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS e
      IPI</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,015,355
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>523,171
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Assessment notice for an
      alleged nonpayment of taxes- IRPJ/CSLL - foreign subsidiaries
      (2010)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>526,047
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>476,316
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Assessment Notice and
      Imposition of Fine (AIIM) - Income tax / Social contribution - Profits
      earned abroad 2008 (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>306,136
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Disallowance of the ICMS
      credits - Transfer of iron ore</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>516,581
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>446,907
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Disallowance of the ICMS
      credits - ICMS - acquisition of subsidiary</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>277,389
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>257,536
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>ICMS - Refers to the transfer
      of imported raw material at an amount lower than the price disclosed in
      the import documentation</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>252,112
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>230,261
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Disallowance of the tax
      losses arising on adjustments to the SAPLI</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>409,323
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>362,489
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Assessment Notice - ICMS -
      shipping and return merchandise for Industrialization
    (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>541,338
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Assessment Notice- Income
      tax- Capital Gain of CFM vendors located outside (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>170,835
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 12pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Other tax (federal, state,
      and municipal) lawsuits.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,537,626
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,870,796
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Social security
      lawsuits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>289,923
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>299,341
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Annulment action filed by CSN
      against CADE</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>70,423
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>63,463
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Other civil
      lawsuits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>763,576
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>382,641
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Labor and social security
      lawsuits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,032,678
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,069,663
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Environmental
      lawsuits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>359,046
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>115,024
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="66%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>21,540,763
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>15,429,927
      </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(*) Namisa lawsuits that started to
be consolidated due to business combination transaction, as described in note
3.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The
assessments made by the legal counsel define these administrative and judicial
proceedings as entailing risk of possible loss and, therefore, no provision was
recorded in conformity with Management&#8217;s judgment and accounting practices
adopted in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Environmental lawsuits</FONT></U></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The environmental processes present
high complexity for estimating the amount at risk, should be taken into
consideration, among various aspects, procedural development, the extent of
damage and the projection of</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>repair costs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>During the second quarter 2015, in
line with the Company's accounting policy of prognostic losses of ongoing
processes, the management has reevaluated its environmental contingencies,
supported by its internal and external legal counsel.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>As a result of this work, there was
an increase of the possible risk of loss amounting R$ 244,022.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>There are other environmental
processes for which it is not yet possible to assess the risk and contingency
value due to the aforementioned complexity estimation, the peculiarities of the
matters involving them and also their procedural steps.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter94"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>93</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_95></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<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 lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>18.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>PROVISION
FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT
OBLIGATIONS</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The balance
of the provision for environmental liabilities and asset retirement obligation -
ARO is as follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Environmental
      liabilities</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>262,290</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>211,544</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>259,115</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>211,544</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset retirement
      obligations</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>66,641</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,995</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21,718</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>328,931</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>238,539</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>259,115</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>233,262</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>18.a) Environmental liabilities
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 31, 2015, there is a provision recognized for expenditures relating to
environmental investigation and recovery services for potentially contaminated
areas surrounding establishments in the States of Rio de Janeiro, Minas Gerais
and Santa Catarina. Estimated expenditures will be reviewed periodically and the
amounts already recognized will be adjusted whenever necessary. These are
Management&#8217;s best estimates based on the environmental remediation studies and
projects. This provision is recognized as other operating expenses.
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>The provision is measured at the present value of the
expenditures required to settle the obligation, using a pretax rate that
reflects current market assessments of the time value of money and the specific
risks of the obligation. The increase in the obligation due to passage of time
is recognized as other operating expenses.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
long-term interest rate used to discount the provision to present value through
December 31, 2015 was 10.00%. The liability recognized is periodically updated
based on the general market price index (IGPM) for the period.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Some
contingent environmental liabilities are monitored by environmental department
were not recorded in provisions due&nbsp; to its characteristics, they do not
meet the recognition criteria present in CPC 25.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>18.b) Asset retirement
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Asset retirement obligations refer
to estimated costs for decommissioning, retirement or restoration of areas upon
the termination of activities related to mining resources. The initial
measurement is recognized as a liability discounted to present value and
subsequently through increase in expenses over time. &nbsp;The asset retirement
cost equivalent to the initial liability is capitalized as part of the carrying
amount of the asset, being depreciated over the useful life of the
asset.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The accounting balances that refer to the provision for
decommissioning were transferred to Congonhas Min&#233;rios, </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The increase of liabilities in the period is due to an
update on estimated cost of closing iron ore mines.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>In 2015, the Company completed a new certification of iron
mineral reserves in the Casa de Pedra and Engenho mines. This certification,
prepared by a specialized company, has certified reserves of 3,021 million tons
of iron ore, which represents an increase of 85% compared to the amounts
certified in the last audit on April 2007.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Therefore, it indicated a need to review liabilities and
update assumptions for mine closure, completion of mining activities in the
future and decommissioning of assets linked to the mine, the result is an
increase of liabilities amounting R$ 39,646.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter95"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>94</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_96></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>19.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>RELATED-PARTY BALANCES AND TRANSACTIONS
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>19.a)
Transactions with Holding Companies</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Vicunha
Siderurgia S.A. is the Company&#8217;s main shareholder, with 51.41% of the voting
shares. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Rio
Iaco Participa&#231;&#245;es S.A. holds 4.29% of CSN&#8217;s voting capital.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Liabilities</FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="63%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Companies</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=2 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Proposed</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Paid</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Vicunha Siderurgia</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>282,571</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rio
      Iaco</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,568</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total
      at 12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>306,139</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total
      at 12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>152,966</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>220,349</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(*) As of June 30, 2015 Vicunha
Steel began to directly control CSN due to the merger of Vicunha Siderurgia by
Vicunha A&#231;os on that date.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Vicunha steel&#8217;s corporate structure
is as follows (unaudited information):</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Vicunha
Steel S.A. &#8211; holds 66.96% of Vicunha A&#231;os S.A.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>National
Steel S.A. &#8211; holds 33.04% of Vicunha A&#231;os S.A.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CFL
Participa&#231;&#245;es S.A. &#8211; holds 40% of National Steel S.A. and 40% of Vicunha Steel
S.A.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Rio Purus
Participa&#231;&#245;es S.A. &#8211; holds 60% of National Steel S.A. 60% of Vicunha Steel S.A.
and 99.99% of Rio Iaco Participa&#231;&#245;es S.A.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>19.b)
Transactions with subsidiaries, joint ventures, associates, exclusive funds and
other related parties </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>By
transaction</FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=12 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Current</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Non-Current</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Assets</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Trade
      receivables <SUP>(note 6)</SUP></FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>61,366 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>153,737 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>61,366 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>153,737 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Dividends receivable <SUP>(note
      6)</SUP></FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>27,817 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>59,470 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>27,817 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>59,470 </FONT></FONT></P></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" width="26%">
      <P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Actuarial asset </FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(note 8)</FONT></FONT></SUP></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>114,433 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>97,173 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>114,433 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>97,173 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Loans </FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(note 8)</FONT></FONT></SUP></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>517,493 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>373,214 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>117,357 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>373,214 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>634,850 </FONT></FONT></P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Other
      receivables <SUP>(note 8)</SUP></FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9,420 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>15,780 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>29,020 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>7,037 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>38,440 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>22,817 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>98,603 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>746,480 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>516,667 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>221,567 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>615,270 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>968,047 </FONT></B></FONT></P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Liabilities</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Other
      payables <SUP>(Note 14)</SUP></FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Accounts payable</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>6,798 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,681 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>546 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>6,798 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,227 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Advances from customers</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>247,077 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9,236,170 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9,483,247 </FONT></FONT></P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Trade
      payables</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>67,443 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>63,165 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>67,443 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>63,165 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Actuarial liabilities</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>514,368 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>587,755 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>514,368 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>587,755 </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>74,241 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; 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: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>312,923 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; 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: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>514,368 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; 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: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9,824,471 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; 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: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>588,609 </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; 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; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>10,137,394 </FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Statement of income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Revenues</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Sales</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>725,285</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,177,860 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Interest</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>65,084 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>50,631 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Expenses</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></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" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Purchases</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,103,428)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,047,423)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Interest</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,333)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(423,621)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(314,392)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; 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: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(242,553)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>By company
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<a name="_bclFooter96"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>95</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_97"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 align=right src="iconecsn.jpg">

<a name="_bclHeader97"></a><DIV>&nbsp;</DIV>

<a name="_bclHeader97"></a><DIV>&nbsp;</DIV>

<a name="_bclHeader97"></a><DIV>&nbsp;</DIV>

<a name="_bclHeader97"></a><DIV>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp;</TD>

   <TD width="79%" colSpan=19 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="31%" colSpan=7 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit and loss</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="21%" align=left>&nbsp; </TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Current</FONT></STRONG></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Non-current </FONT></STRONG></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Total</FONT></STRONG></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Current</FONT></STRONG></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="TEXT-INDENT: 7.08pt" vAlign=middle width="7%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-</FONT></B></P>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><STRONG><FONT size=1 face=Arial>current</FONT></STRONG></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></P></TD>

   <TD vAlign=middle width="7%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Total</FONT></STRONG></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center></P></TD>

   <TD vAlign=middle width="7%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Sales</FONT></STRONG></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center></P></TD>

   <TD vAlign=middle width="7%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Purchases</FONT></STRONG></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center></P></TD>

   <TD vAlign=middle width="7%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center>&nbsp;<FONT size=1 face=Arial><STRONG>Finance income</STRONG></FONT></P>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center><FONT size=1 face=Arial><STRONG>&nbsp;(costs), net</STRONG><FONT size=3 face="Times New Roman"> </FONT></FONT></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align=center></P></TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Total</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subsidiaries</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#dce6f1 width="1%" align=left></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#dce6f1 width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Ferrovia Transnordestina Log&#237;stica S.A. (1)</FONT>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>133,283</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>133,283</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4,559)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,887</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,328</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14,151</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14,151</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,742</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,742</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp;</TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,151</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>133,283</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>147,434</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,742</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,742</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,559)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,887</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,328</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Joint ventures</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CGPAR Constru&#231;&#227;o Pesada S.A.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,484</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,484</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>113,563</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(198,378)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,424</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(78,391)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26,415</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26,415</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32,284</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32,284</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(725,710)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(725,710)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os e</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7,380</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7,380</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,015</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,015</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(166,945)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(166,897)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Infraestrutura</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>222,727</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>222,727</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26,880</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26,880</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23,380</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23,380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,279</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>222,727</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>260,006</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,203</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,203</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>113,611</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,091,033)</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,804</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(947,618)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other related parties</FONT></B>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CBS Previd&#234;ncia</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>114,433</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>114,433</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>514,368</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>514,368</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>126</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>126</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,152)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,149)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Banco Fibra</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,592</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,592</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>182</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>182</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12,289</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,230)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,059</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>46,991</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>46,991</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>597,998</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>597,998</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4,324)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4,324)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Taquari Participa&#231;&#245;es S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(130)</FONT>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(130)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp;</TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>47,173</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>114,433</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>161,606</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>126</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>514,368</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>514,494</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>610,287</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,836)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,595</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>618,046</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Associates</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right></TD>

   <TD bgColor=#dce6f1 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Arvedi Metalfer do Brasil S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>46,224</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>46,224</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,170</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,170</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,387</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,465</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,852</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total at 12/31/2015</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>98,603</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>516,667</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>615,270</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>74,241</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>514,368</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>588,609</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>725,285</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,103,428)</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>63,751</FONT></B>&nbsp;</TD>

   <TD bgColor=#dce6f1 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(314,392)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total at 12/31/2014</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>746,480</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>221,567</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>968,047</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>312,923</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,824,471</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,137,394</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,177,860</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,047,423)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(372,990)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(242,553)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1. Refers to loans of the subsidiary FTL - Ferrovia Transnordestina Log&#237;stica S.A to the joint venture Transnordestina Log&#237;stica S.A. The contract has a 102.5% of CDI interest rate and maturity expected in June 2017.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2. Transnordestina Log&#237;stica S.A: Refers mainly to contracts in R$: interest equivalent to 108.0% of CDI with final maturity in June 2017. As of December 31, 2015, borrowings total R$222,727 (R$141,358 as of December 31, 2014).</FONT></FONT></P>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Trade receivables </FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) (nota 6)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,140,172</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>969,343</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,140,172</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>969,343</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Dividends receivable </FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(nota 6)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>737,668</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>67,553</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>737,668</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>67,553</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Actuarial asset </FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>(note 8)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>112,660</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>96,914</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>112,660</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>96,914</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Loans <SUP>(nota 8)</SUP></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>106,218</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>239,930</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>52,619</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>239,930</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>158,837</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial investments<SUP> </SUP></FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,412,428</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>252,896</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>28,078</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>87,475</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,440,506</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>340,371</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Exclusive funds <SUP>(nota 8)</SUP></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>110,075</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>144,018</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>110,075</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>144,018</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other receivables <SUP></SUP></FONT></FONT><SUP><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3) (nota 8)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,479</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>168,035</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>303,441</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>329,330</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>335,920</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>497,365</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,432,822</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,708,063</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>684,109</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>566,338</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,116,931</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,274,401</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Borrowings and financing</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Pre-payment<SUP></SUP></FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(nota12)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>85,987</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>146,504</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,843,050</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,156,481</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,929,037</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,302,985</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="23%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed Rate Notes e Intercompany Bonds </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(nota12)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,402</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,187,610</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,056,347</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,593,720</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,088,749</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,781,330</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Intercompany loans<SUP></SUP></FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(nota12)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,261,861</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>222,525</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,137,040</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,670,457</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,398,901</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,892,982</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other payables </FONT></B></FONT><SUP><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(nota 13)</FONT></B></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Accounts payable </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>110,090</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>62,536</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>118,653</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>574,478</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>228,743</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>637,014</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Advances from customers</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>277,077</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>9,236,170</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>9,513,247</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Exclusive funds </FONT></FONT><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(nota 14)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,387</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,387</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Trade payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>153,559</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>250,104</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>153,559</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>250,104</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Actuarial liabilities</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>514,367</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>587,740</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>514,367</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>587,740</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,669,302</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,146,356</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12,669,457</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,819,046</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>14,338,759</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>21,965,402</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Statement of income</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Revenues</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Revenues</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,852,639</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,903,875</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>26,073</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>14,421</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Exclusive funds</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>812,079</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>251,834</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Expenses</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Purchases</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,636,308)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,646,256)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(983,541)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,712,508)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 14pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Net exchange rate variations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(3,780,650)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,025,243)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>290,292</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,786,123</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Accounts receivable derive from sales operations of goods and services between the parent company, subsidiaries and joint ventures.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets:</FONT></U></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> Financial investments classified as current totals R$1,412,428 at December 31, 2015 (R$252,896 at December 31, 2014) and investments in Usiminas shares classified as investments available for sale, non-current group, which amount to R$28,078 (R$87,475 at December 31, 2014). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities:</FONT></U></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> Derivative transactions in the amount of R$25,387 at December 31, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Current: Refers mainly to assignment of tax loss credits of income tax and social contribution, related to Metallurgical Prada companies, FTL - Transnordestina Railway Logistics and Company Packaging Metal MMSA.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Noncurrent: Refers mainly to advance for future capital increase, dividends receivable and accounts receivable related and acquisition of debentures.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Non-current liabilities: Reduction on write-off related to purchase of clinker plant, due to the merger of subsidiary CSN Cimentos in the amount of R$403,431, as mentioned in note 9.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>By company </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 35.4pt">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="76%" colSpan=21 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=3 width="23%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=5>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=5>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" colSpan=9>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit and loss</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (costs), net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange rates, net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Subsidiaries</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,684 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(951)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,733 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Metal&#250;rgica Prada </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>176,604 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>121,335 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>297,939 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,127 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>198 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,325 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>966,715 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(155,549)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>811,166 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Cimentos S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,028 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,800)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,691)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>45,537 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,920 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,920 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,991)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,991)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Florestal do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85,066 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>95,635 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,138 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,138 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,525 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,385)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>224 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,636)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Minera&#231;&#227;o Nacional</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>650 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>650 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Congonhas Min&#233;rios S.A. (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>737,643 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>737,643 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,570 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,871 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,427 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(62,155)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(245,700)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(275,428)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,732 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,732 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(276,363)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(276,363)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ferrovia Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,125 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,510 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,635 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112,887 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112,887 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>ITA Energ&#233;tica S.A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Brasileira de Latas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,404 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,404 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,857 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,291)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,566 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional, LLC (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>682,875 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>682,875 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>106,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>106,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,195,697 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(21,654)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231,220 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,405,263 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Europe Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119,954 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>132,297 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,885)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(38,356)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,241)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Resources S.A. (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,356,268 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,790,433 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,146,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(581,531)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,373,480)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,955,011)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN Export Europe, S.L.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,018)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,826)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,844)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Lusosider A&#231;os Planos, S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>192,871 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>192,871 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>195 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>195 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>208,580 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,066 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>267,646 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Handel GmbH </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,525,795 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163,626 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,689,421 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,249,536 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,249,536 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(119,037)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(119,037)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands XII Corp. (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,638 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,772,779 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,784,417 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(132,447)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(697,296)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(829,743)</FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>103,733 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>103,733 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,269)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(32,673)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,942)</FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,859 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,859 </FONT></P></TD>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Stahlwerk Th&#252;ringen GmbH</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,395)</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,395)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,837,361 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,420 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,111,781 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,581 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,155,090 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,770,671 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,127,367 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(580,534)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(983,317)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,811,756)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(248,240)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CGPAR Constru&#231;&#227;o Pesada S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,542 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,542 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>113,563 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(198,378)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,106 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(53,709)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,230 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,230 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,332 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,332 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(682,615)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(682,615)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os e Infraestrutura</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,013 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,013 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>35 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(166,945)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(166,910)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>222,727 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>222,727 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,380 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,380 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,785 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>222,727 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>248,512 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,208 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,208 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>113,598 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,047,938)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,380 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,106 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(879,854)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other related parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBS Previd&#234;ncia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112,660 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112,660 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,367 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,367 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>126 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>126 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,152)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,149)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>182 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>182 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,289 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,230)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,059 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>597,998 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>597,998 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,324)</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,324)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taquari Participa&#231;&#245;es S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(130)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(130)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47,173 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112,660 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>159,833 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>126 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,367 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,493 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>610,287 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,836)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>602,454 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Arvedi Metalfer do Brasil S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,224 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,224 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,465 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,852 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive Funds</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Diplic, Mugen, VR1 e BB Steel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,522,503 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,078 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,550,581 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,387 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,387 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>812,080 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>812,080 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,432,822 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>684,109 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,116,931 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,669,302 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,669,457 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,338,759 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,852,639 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,636,308)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(145,389)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,780,650)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>290,292 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,708,063 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>566,338 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,274,401 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,146,356 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,819,046 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,965,402 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,903,875 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,646,256)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,446,253)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,025,243)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,786,123 </FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Congonhas Min&#233;rios: Refers mainly to dividends declared by Namisa and posteriorly assumed by Congonhas due to the merger at December 31, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia Siderurgica Nacional, LLC: Trade accounts receivable of R$682,875 at December 31, 2015 R$415,788 at December 31, 2014), related to sale of steel. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN Resources SA: Contracts in US dollars of Prepayment Fixed Rate Notes and Intercompany Bonds, the interest is 9.13% and the maturity date on June 2047. On December 31, 2015, the loans amounted to R$10,146,701 (R$7,490. 873 on December 31, 2014).</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN Islands XI Corp.: Contracts in US dollars, without interest, maturing in August 2017. On December 31 December 2015, the loans amounted to R$1,249,536.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(5)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN Islands XII Corp.: Contracts in US dollars, interest rate of 7.64% and maturing on February 2025. At December 31, 2015, the loans amounted to R$1,784,417 (R$1,363,481 on December 31, 2014).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 37.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(6)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Namisa:&nbsp; </FONT><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sales:</FONT></U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> Refers to services related to ore as internal movement and loading.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Purchases:</FONT></U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> Refers to services related to ore as port movement and shipment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>19.c) Other unconsolidated related parties</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CBS Previd&#234;ncia</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is the main sponsor of this non-profit entity established in July 1960, primarily engaged in the payment of benefits that supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans, as detailed in note 27.&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>97</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_99></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Funda&#231;&#227;o
CSN</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Company
develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of
which it is the founding. The transactions between the parties relate to the
operating and financial support for Funda&#231;&#227;o CSN to carry out the social
projects undertaken mainly in the locations where the Company operates.
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Banco
Fibra</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Banco Fibra
is under the control structure of Vicunha Siderurgia and the financial
transactions carried out with this bank are limited to movements in checking
accounts and financial investments in fixed-income securities.
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Ibis
Participa&#231;&#245;es e Servi&#231;os Ltda.</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Ibis
Participa&#231;&#245;es e Servi&#231;os is under the control of a member of the Company&#8217;s
Board. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Companhia
de G&#225;s do Cear&#225;</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>A natural
gas distributor under the control structure of Vicunha
Siderurgia.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>98</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>19.d) Key
management personnel </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The key
management personnel with authority and responsibility for planning, directing
and controlling the Company&#8217;s activities, include the members of the Board of
Directors and statutory directors. The following is information on the
compensation of such personnel and the related balances as of December 31,
2015.</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="66%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="66%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Statement of Income</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="66%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Short-term benefits for
      employees and officers</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>47,578
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34,861
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="66%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Post-employment
      benefits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>311
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>116
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="66%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>47,889
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34,977
      </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>SHAREHOLDERS' EQUITY</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.a)
Paid-in capital </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Fully
subscribed and paid-in capital as of December 31, 2015 and 2014 is R$4,540,000
comprising 1,387,524,047 book-entry common shares without par value. Each common
share entitles its holder to one vote in Shareholders&#8217; Meetings.
</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.b)
Authorized capital</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
Company&#8217;s bylaws in effect as of December 31, 2015 determine that the capital
can be raised to up to 2,400,000,000 shares by decision of the Board of
Directors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.c) Legal
reserve</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>This
reserve is recognized at the rate of 5% of the profit for each period, as
provided for by Article 193 of Law 6.404/76, up to the ceiling of 20% of share
capital.&nbsp;&nbsp; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.d)
Ownership structure</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 31, 2015, the Company&#8217;s ownership structure was as
follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common
      shares</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total
      shares</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>% of voting
      capital</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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: 11.35pt; 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: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common
      shares</FONT></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total
      shares</FONT></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>% of voting
      capital</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Vicunha A&#231;os S.A.
      (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>697,719,990</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>50.29%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>51.41%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>697,719,990</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>50.29%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>51.34%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A.
      (**)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>58,193,503</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.19%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.29%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>58,193,503</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.19%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.28%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Caixa Beneficente dos
      Empregados da CSN - CBS</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,143,031</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1.45%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1.48%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,788,231</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.92%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.94%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNDES Participa&#231;&#245;es S.A. &#8211;
      BNDESPAR</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,794,890</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.63%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.65%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,794,890</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.63%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.65%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NYSE
    (ADRs)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>336,435,464</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24.25%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24.79%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>342,466,899</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24.68%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25.20%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>BM&amp;FBovespa</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>235,846,169</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17.00%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17.38%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>239,010,634</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17.23%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17.59%</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,133,047</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>97.81%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,358,974,147</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>97.94%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury
      shares</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,391,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2.19%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,549,900</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2.06%</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total
      shares</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; 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 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387,524,047</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; 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: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387,524,047</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.05in; LINE-HEIGHT: 106%; TEXT-INDENT: -0.05in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*) As From
June 30, 2015, CSN became directly controlled by Vicunha A&#231;os, considering the
incorporation of Vicunha Siderurgia by Vicunha A&#231;os on that
date.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(**) Rio
Iaco Participa&#231;&#227;o S. A. is a company part of the control
group.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.e)
Treasury shares </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif>The
Board of Directors authorized various share buyback programs in order to hold
shares in treasury for subsequent disposal and/or cancelation with a view to
maximizing the generation of value to the shareholder through an efficient
capital structure management, as shown in the table below:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Program</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Board&#8217;s
      Authorization</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Authorized
      quantity</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Program
      period</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Average
      buyback price</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="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: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Minimum and maximum buyback price</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Number
      bought back</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share
      cancelation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance in
      treasury</FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1&#186;</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3/13/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,205,661 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 3/14/2014 to
      4/14/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.34 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 9.22 and R$
    9.45</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,350,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,350,000
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2&#186;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4/15/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,855,661 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 4/16/2014 to
      5/23/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 8.97 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 8.70 and R$
    9.48</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,529,500
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,879,500
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3&#186;</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5/23/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58,326,161 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 5/26/2014 to
      6/25/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.21 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 8.61 and R$
    9.72</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,544,500
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,424,000
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4&#186;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6/26/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,781,661 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 6/26/2014 to
      7/17/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 10.42 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 9.33 and R$
      11.54</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,781,661
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,205,661
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7/18/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,000,000
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><SUP><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></SUP></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,205,661
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5&#186;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7/18/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,205,661 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 7/18/2014 to 8/18/2014
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 11.40 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 11.40 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>240,400
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,446,061
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8/18/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,446,061
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><SUP><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></SUP></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6&#186;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8/18/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,161,055 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 8/19/2014 to 9/25/2014
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.82 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 9.47 and R$
      10.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,791,300
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,791,300
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7&#186;</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9/29/2014</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56,369,755 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 9/29/2014 to 2/29/2014
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 7.49 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 4.48 and R$
    9.16</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,758,600
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,549,900
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8&#186;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/30/2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,611,155 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 12/31/2014 to 3/31/2015
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 5.10 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>R$ 4.90 and R$
    5.39</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,841,100
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,391,000
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9&#186;
      (*)</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/31/2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,770,055 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 4/01/2015 to 6/30/2015
      </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;(*) There were no share
buyback in this program.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></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%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>On July 18, 2014 and August 19,
2014, the Board of Directors approved the cancelation of 60,000,000 and
10,446,061 treasury shares, respectively, without change in the Company&#8217;s share
capital.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>As of December 31, 2015, the
position of the treasury shares was as follows:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Bought
      back</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share
      price</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>number</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>paid
      for</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>market
      price</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(in units)
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>the
      shares</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; 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: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Minimum</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Maximum</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Average</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>as of 12/31/2015
      (*)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,391,000
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; 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; LINE-HEIGHT: 106%"><SUP><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></SUP>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 238,976
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 4.48
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 10.07
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 7.86
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 121,564
      </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*) Using
the last share quotation on BM&amp;FBovespa as of December 31, 2015 of R$4.00
per share.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.f)
Policy on investments and payment of interest on capital and dividends&nbsp;
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>At a
meeting held on December 11, 2000, the Board of Directors decided to adopt a
profit distribution policy which, after compliance with the provisions in Law
6.404/76, as amended by Law 9.457/97, will entail the distribution of all the
profit to the Company&#8217;s shareholders, provided that the following priorities are
observed, irrespective of their order: (i) carrying out the business strategy;
(ii) fulfilling its obligations; (iii) making the required investments; and (iv)
maintaining a healthy financial situation of the Company.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>20.g)
Earnings/(loss) per share: </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Basic earnings per share were
calculated based on the profit attributable to the owners of CSN divided by the
weighted average number of common shares outstanding during the year, excluding
the common shares purchased and held as treasury shares, as
follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="56%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent
  Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015
    Restated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="56%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="44%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Common
Shares</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="56%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Loss)
      profit for the year, net</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 16.05pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="56%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Attributable to owners of the Company
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,617,793</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 16pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(105,218)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="56%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Weighted average number of
    shares</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,357,150</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 16pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,413,697</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="56%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Basic
      and diluted EPS</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.19205</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(0.07443)</FONT></FONT></P></TD></TR></TABLE></DIV>
<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 lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>21.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>PAYMENT TO
SHAREHOLDERS </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
Company's Bylaws provides for a minimum&nbsp; dividend distribution 25% of
adjusted net income as provided by law, the holders of its
shares.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>On March
11, 2015 the Board of Directors approved the proposal for payment, as advance of
mandatory minimum dividend concerning the period&nbsp; 2015,&nbsp; from the
retained earnings reserve (statutory working capital reserve), the amount of
R$275,000 in dividends, corresponding to R$0,202633043. The dividends were paid
as from March 19, 2015, without inflation adjustment. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Dividends
are calculated pursuant to the Company&#8217;s bylaws and in compliance with the
Brazilian Corporate Law. The table below shows the calculation of dividends and
interest on capital approved for 2015:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter100"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>99</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="78%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit
      for the year</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,617,793</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital reserve</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(80,890)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit
      for allocation</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,536,903</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="78%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Allocation:</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends approved on March 11,
      2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(275,000)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Destined to profits reserve to be realized
      (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(109,226)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to statutory reserve for investment and
      working capital</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,152,677)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>In
      current liabilities</FONT></U></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance of dividends payable as December 31,
      2014</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>277,097</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends approved on March 11,
      2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>275,000</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends paid in 2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(549,835)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance of dividends payable as December 31,
      2015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,262</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="78%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Weighted average number of
    shares</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,357,150</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="78%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends per share approved</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.20263</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(*) The Company's management, supported by art. 197 of Law
6.404 / 76, is proposing ad referendum to the Annual General Meeting, in order
to retain part of the minimum mandatory dividends in line account item Profit
Reserve to realize, as there is no profit realized in 2015 year.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The difference disclosed in profit or loss resulted from
the adjustments made in the financial statements of 2015, amounting to
R$359,897, was recorded in the legal reserve, earnings reserve and statutory
reserve, it will be considered for accounting purposes only.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The tables below show the history
of dividends </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>and
interest on capital approved and paid</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%">&nbsp;</P>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Approval Year</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest on capital</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment
      Year</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest on capital</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2013</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2013</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>610,000 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,000 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>800,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2013</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2013</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>610,503 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,000 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>800,503 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>700,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>700,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>424,939 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>424,939 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275,000 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,917 </FONT></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,917 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,918 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,918 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total
      approved</FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 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: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,585,000 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,000 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,775,000 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total
      paid</FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 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: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,585,277 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,000 </FONT></B></P></TD>
    <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,775,277
  </FONT></B></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>22.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>NET SALES
REVENUE</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Net sales
revenue is comprised as follows:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
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    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company
      </FONT></B></FONT></P></TD></TR>
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    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross
      revenue</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic
      market</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,313,874
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,061,229
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,579,626
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,863,547
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign
      market</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,726,761
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,247,489
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,581,429
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,110,635
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,040,635
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,308,718
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,161,055
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,974,182
      </FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deductions
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cancelled sales and
      discounts</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(308,029)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(167,483)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(291,503)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(149,359)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes on
      sales</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,400,754)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,015,003)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,151,183)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,659,309)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,708,783)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,182,486)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,442,686)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,808,668)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net
      revenue</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,331,852
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,126,232
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,718,369
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,165,514
      </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter101"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>100</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_102></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>EXPENSES BY
NATURE</FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 7.65pt 0pt 0in; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Raw materials and
      inputs</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,902,546)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,125,417)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,354,125)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,557,893)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor
    cost</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,900,260)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,716,995)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,569,791)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,419,068)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Supplies</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,097,814)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,097,940)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,061,557)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,050,580)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Maintenance cost (services
      and materials)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,072,437)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,072,664)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,020,110)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,040,357)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Outsourcing
      services</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,292,763)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,544,553)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,018,995)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,662,594)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation, amortization
      and depletion (Note 10 a)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,135,772)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,245,131)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(863,741)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,022,898)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(304,534)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(270,040)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(306,978)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(221,548)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,706,126)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,072,740)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,195,297)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,974,938)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Classified
      as:</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of
      sales</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,799,758)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,592,382)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,137,528)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,159,454)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,436,000)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,041,975)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(683,516)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(455,525)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(470,368)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(438,383)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(374,253)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(359,959)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,706,126)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,072,740)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,195,297)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,974,938)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>OTHER
OPERATING INCOME (EXPENSES) </FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company
      </FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating
      income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Indemnities/gains on
      lawsuits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,189</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,693</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,673</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29,958</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rentals and
      leases</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,150</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,080</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,150</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,080</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal of
      provisions</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,020</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,790</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>154,812</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,136</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends
      received</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,794</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>328</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,700</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>328</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Untimely PIS/COFINS/ICMS
      credits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>234,287</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>234,266</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Contractual
      fines</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,200</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,963</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,669</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,942</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain on business combination
      (note 3)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,413,033</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.9pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal of actuarial
      liability/provision for actuarial asset</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,702</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>166</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,596</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>317</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other
      revenues</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>50,507</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,468</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,964</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,604</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,725,882</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>90,488</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>416,830</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,365</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating
      expenses</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes and
      fees</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,282)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(57,711)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,587)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(53,855)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Write-off of judicial
      deposits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(24,145)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,892)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(23,164)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,209)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for environmental
      risks</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(41,697)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>160,980</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,280)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>160,980</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.9pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for tax, social
      security, labor, civil and environmental risks, net of
      reversals</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(279,619)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(191,127)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(252,589)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(167,149)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Contractual
      fines</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(309)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,464)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(26)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,756)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.9pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation of unused
      equipment and amortization of intangible assets (Note 10
      a)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(41,068)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(36,354)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(714)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.9pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value of permanent
      assets written off (Note 10)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,466)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(15,232)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,990)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,474)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.9pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for losses
      /reversals of slow-moving and obsolescence (Note 7)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,154</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,396)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,835</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,630)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Losses on spare
      parts</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(55,790)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(26,432)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(49,970)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(26,432)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Studies and project
      engineering expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(38,138)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(48,807)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,196)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(48,246)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Research and development
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,363)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,406)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,363)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,406)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Healthcare plan
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(56,838)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,319)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(56,838)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,319)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Impairment of
      available-for-sale financial assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(555,298)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(205,000)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(555,298)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(199,372)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 106%; TEXT-INDENT: 0.9pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>REFIS effect - Law 11,941/09
      and Law 12,865/13, net</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,801)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,308)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,801)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(19,853)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions for industrial
      restructuring</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(122,854)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(74,382)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(86,817)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,659)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(69,918)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,937)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,334,331)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(657,127)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,169,567)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(540,372)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating expenses,
      net</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,391,551</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(566,639)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(752,737)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(488,007)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter102"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>101</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_103></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>25.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>FINANCE
INCOME (COSTS)</FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.95pt">
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance
      income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 19
      b)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>65,084</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>50,631</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>838,152</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>266,255</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income
      from short-term investments </FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>216,971</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>82,103</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>56,259</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,008</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain
      from derivative (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>870</FONT></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other
      income (**)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>209,062</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>38,818</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,939</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,289</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>491,987</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>171,552</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>914,350</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>300,552</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance costs</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - foreign
      currency</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(938,047)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(718,281)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(204,942)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(117,011)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - local
      currency</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,116,149)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,806,568)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,824,903)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,565,306)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 19
      b)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,333)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(423,621)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(983,541)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,712,508)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalized interest (Notes
      10 and 31)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>166,366</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>165,789</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>160,777</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>165,789</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Losses
      on derivatives (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,956)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,869)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(943)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest, fines and late payment
      charges</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,560)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(76,704)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>894</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(40,791)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>REFIS
      effect net - Law 11,941/09 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(52,036)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(51,624)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other finance
      costs</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(210,568)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(187,688)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(172,608)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(166,267)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,125,247)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,103,978)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,024,323)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,488,661)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation adjustment and
      exchange differences, net</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustments, net</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>44,412</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(109)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>679</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,942)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange differences, net</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,630,530)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(391,767)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,078,374)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,287,021)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange gain (losses) on
      derivatives (*)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>846,328</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>242,869</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>146,445</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(739,790)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(149,007)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,931,250)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,309,963)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 3pt">
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance costs,
      net</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,373,050)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,081,433)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,041,223)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,498,072)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 13.5pt">
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 13.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 22.5pt">
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(*) Statement of gains and
      (losses) on derivative transactions</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar-to-CDI
      swap</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(18)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,735)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar-to-real swap
      (NDF)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>785,702</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>213,602</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Future
      Dollar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,381</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>146,445</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-euro swap (NDF)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,668</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>33,397</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-euro swap</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,405)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,605</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>846,328</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>242,869</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>146,445</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Libor-to-CDI swap
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(943)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(943)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed rate-to-CDI
      swap</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,956)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,926)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>CDI-to-Fixed rate
      swap</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>870</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,086)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,869)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(943)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>842,242</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>238,000</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>146,445</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(943)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*)It
refers mainly to gain on repurchase of debt securities amounting to
R$166,642.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter103"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>102</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_104></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>26.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>SEGMENT
INFORMATION</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>According
to the Group&#8217;s structure, its businesses are distributed into five (5) operating
segments.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Steel</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Steel
Segment consolidates all the operations related to the production, distribution
and sale of flat steel, long steel, metallic containers and galvanized steel,
with operations in Brazil, United States, Portugal and Germany. The Segment
supplies the following markets: construction, steel containers for the Brazilian
chemical and food industries, home appliances, automobile and OEM (motors and
compressors). The Company&#8217;s steel units produce hot and cold rolled steel,
galvanized and pre-painted steel of great durability. They also produce
tinplate, a raw material used to produce metallic containers. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Overseas,
Lusosider, which is based in Portugal, also produces metal sheets, as well as
galvanized steel. CSN LLC in the U.S.A. meets local market needs by supplying
cold rolled and galvanized steel.&nbsp; In January 2012, CSN acquired Stahlwerk
Th&#252;ringen (SWT), a manufacturer of long steel located in Unterwellenborn,
Germany. SWT is specialized in the production of shapes used for construction
and has an installed production capacity of 1.1 million metric tons of
steel/year. &nbsp;&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In January
2014 the production of long steel products started with a capacity of 500,000
metric tons per year, which will consolidate the company as a source of complete
construction solutions, complementing its portfolio of products with high value
added in the steel chain.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Mining</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>This
segment encompasses the activities of iron ore and tin mining.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&nbsp;The
high quality iron ore operations are located in the Iron Quadrilateral in MG,
the Casa de Pedra mine in Congonhas, MG, as well as Congonhas Min&#233;rios S.A.,
which has its own mines and sells third party iron ore. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>At the end
of 2015, CSN and the Asian Consortium formalized a shareholders' agreement for
the combination of assets linked to iron ore operations and the related
logistics structure, forming a new company that has focused in mining activities
from December 2015. In this context, the new company, called Congonhas Min&#233;rios
S.A., holds the TECAR concession, the Casa de Pedra mine and all the shares of
Namisa, which was incorporated on December 31, 2015.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Moreover,
CSN controls a Estanho de Rond&#244;nia S.A. company mining units and tin
casting.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Logistics
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>i.
Railroad</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CSN has
equity interests in three railroad companies: MRS Log&#237;stica, which manages the
former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA),
Transnordestina Log&#237;stica S.A. and FTL - Ferrovia Transnordestina Log&#237;stica S.A.
, which operate the former Northeast Network of the RFFSA in the states of
Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and
Alagoas.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>a) MRS
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
railroad transportation services provided by MRS are fundamental to the supply
of raw materials and the shipment of final products.</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif> The total
amount of iron ore, coal and coke consumed by the Presidente Vargas Mill as well
as part of the steel produced by CSN for the domestic market and for export are
carried by MRS.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Southeast Brazilian railroad
system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial
area of S&#227;o Paulo-Rio de Janeiro-Minas Gerais, linking the mines located in
Minas Gerais to the ports located in S&#227;o Paulo and Rio de Janeiro, and the steel
mills of CSN, Companhia Sider&#250;rgica Paulista, or Cosipa, and Gerdau
A&#231;ominas.&nbsp; Besides serving other customers, the railroad system carries
iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais, and coke and
coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, and carries
CSN&#8217;s export products to the ports of Itagua&#237; and Rio de Janeiro. Its volumes of
cargo carried account for approximately 28% of the total volume carried by the
Southeast railroad system. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>b) TLSA and
FTL </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>TLSA and
FTL hold the concession of the former RFFSA&#8217;s Northeast Network. The Northeast
Network totals 4,238 km, divided into two sections: i) Network I, which
comprises the S&#227;o Luiz&#8211;Mucuripe, Arrojado&#8211;Recife, Itabaiana&#8211;Cabedelo, Paula
Cavalcante&#8211;Macau&#8211;Recife, and Propri&#225;&#8211;Jorge Lins (Network I) sections, whose
concession goes until 2027, held </FONT></FONT><a name="page_105"></a><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT></P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>103</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_105></A>
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<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>by FTL; and
ii) Network II, which comprises the Miss&#227;o Velha&#8211;Salgueiro, Salgueiro&#8211;Trindade,
Trindade&#8211; Eliseu Martins, Salgueiro&#8211;Porto de Suape, and Miss&#227;o Velha&#8211;Porto de
Pec&#233;m sections, whose concession goes until 2057 or until the return of the
investment adjusted by 6.75% of the sections, held by TLSA. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Network links up with the main
ports in the region, offering an important competitive advantage by means of
opportunities for combined transportation solutions and logistics projects
tailored to customer needs.&nbsp; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>II. Port
Logistics</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The Port
Logistics Segment consolidates the operation of the terminal built during the
post-privatization period of the ports, Sepetiba Tecon.. The Sepetiba terminal
features complete infrastructure to meet all the needs of exporters, importers
and ship owners. Its installed capacity exceeds that of most other Brazilian
terminals. It has excellent depths of 14.5 meters in the mooring berths and a
huge storage area, as well as the most modern and appropriate equipment, systems
and intermodal connections.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The
Company&#8217;s constant investment in projects in the terminals consolidates the
Itagua&#237; Port Complex as one of the most modern in Brazil, at present with
capacity for handling 480 thousand containers and 30 million metric tons per
year of bulk cargo.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Energy</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>CSN is one
of the largest industrial consumers of electric power in Brazil. As energy is
fundamental in its production process, the Company invests in assets for
generation of electric power to guarantee its self-sufficiency. These assets are
as follows: It&#225; hydroelectric power plant, in the State of Santa Catarina, with
rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava
hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which
CSN holds 17.9% of the capital; and a thermoelectric co-generation Central unit
with rated capacity of 238 MW, which has been operating at the UPV since 1999.
For fuel the Central Unit uses the residual gases produced by the steel mill
itself. Through these three power generation assets, CSN obtains total rated
capacity of 430 MW.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Cement</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>The cement
division consolidates the cement production, distribution and sale operations,
which use the slag produced by the Volta Redonda plant&#8217;s blast furnaces. In
2011, the clinker used in cement production was acquired from third parties;
however, at the end of 2011, with the completion of the first stage of the Arcos
Clinker plant, MG, this plant already supplied the milling needs of CSN Cimentos
in Volta Redonda.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The information presented to
Management regarding the performance of each business segment is generally
derived directly from the accounting records, combined with some intercompany
allocations. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Sales by
geographic area</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sales by geographic area are
determined based on the customers&#8217; location. On a consolidated basis, domestic
sales are represented by revenues from customers located in Brazil and export
sales are represented by revenues from customers located
abroad.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>104</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Profit per segment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: yellow" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Beginning 2013, the Company no longer proportionately consolidates joint ventures Namisa, MRS and CBSI. For segment information preparation and presentation purposes, Management decided to maintain the proportionate consolidation of the joint ventures, as historically presented. For consolidated profit reconciliation purposes, the amounts of these companies were eliminated in the column &#8220;Corporate expenses/elimination&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the 2015 closure, after the combination of mining assets (Casa de Pedra, Namisa and Tecar), the consolidated results shall consider all of this new company. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="36%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Results</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses / elimination</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Railroads</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,990,299 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,861,003 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,181,731 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,757,186 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>175,223 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>212,729 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,156,933 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>244,549 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>431,820 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,226,695)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,751,745 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,445,813 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,012,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>122,267 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,580,107 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total net revenue (note 22)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,202,999 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,187,250 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>212,729 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,156,933 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>244,549 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>431,820 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,104,428)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,331,852 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,126,889)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,323,687)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(141,809)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(788,046)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(195,644)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(330,263)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,106,580 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,799,758)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,076,110 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>863,563 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,920 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>368,887 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,905 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,557 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,152 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,532,094 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(955,247)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(69,602)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,473)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(89,678)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(23,186)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(72,894)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(675,288)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,906,368)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (note 10 a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>670,496 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>377,344 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,777 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>189,361 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,073 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,505 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(177,784)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,135,772 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>489,922 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>489,922 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,791,359 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,171,305 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,224 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>468,570 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>42,792 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,168 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(360,998)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,251,420 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,980 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,836,505 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>122,267 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,975,752 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,901,989 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,901,989 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376,458 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>42,730 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>419,188 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,104,944 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>132,792 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,237,736 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>45,442 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>45,442 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,445,813 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,012,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>122,267 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,580,107 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,757,186 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>175,223 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>212,729 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,156,933 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>244,549 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>431,820 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,226,695)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,751,745 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,202,999 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,187,250 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>212,729 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,156,933 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>244,549 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>431,820 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,104,428)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,331,852 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="36%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Results</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses / elimination</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Railroads</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,177,453 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,245,424 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,185,044 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,650,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>306,837 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>202,338 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,105,026 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>324,481 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>440,492 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,063,096)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,966,491 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,841,271 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,802,566 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(484,096)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,159,741 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total net revenue (note 22)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,491,684 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,109,403 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>202,338 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,105,026 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>324,481 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>440,492 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,547,192)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,126,232 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,671,935)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,985,930)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(137,634)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(753,394)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(186,750)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(295,264)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,438,525 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,592,382)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,819,749 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,123,473 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,704 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>351,632 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>137,731 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145,228 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(108,667)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,533,850 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(686,936)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(61,129)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,016)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(113,042)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,097)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(66,848)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(525,290)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,480,358)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (note 10 a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>802,323 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>366,808 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,525 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>168,786 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,095 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,627 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(158,033)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,245,131 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>430,547 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>430,547 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,935,136 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,429,152 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,213 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>407,376 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>134,729 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>116,007 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(361,443)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; 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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,729,170 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,674,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(484,096)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,268,370 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>713,777 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>713,777 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>165,238 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>165,238 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,868,280 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>127,788 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,996,068 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,288 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,288 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,841,271 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,802,566 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(484,096)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,159,741 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,650,413 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>306,837 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>202,338 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,105,026 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>324,481 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>440,492 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,063,096)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,966,491 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,491,684 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,109,403 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>202,338 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,105,026 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>324,481 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>440,492 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,547,192)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,126,232 </FONT></B></P></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter106"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>105</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_107></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(*) The ore sales volumes presented
in this note take into consideration Company sales and the interest in its
subsidiaries</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=times><FONT lang=PT-BR style="FONT-SIZE: 8pt" face=times>&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>and joint ventures,
corresponding&nbsp; Namisa 60% from January to November and Namisa 100% on
December.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Adjusted
EBITDA is the measurement based on which the chief operating decision maker
assesses the segment performance and the capacity to generate recurring
operating cash, consisting of profit for the year less net finance income
(costs), income tax and social contribution, depreciation and amortization,
equity in results of affiliated companies, and other operating income
(expenses), plus the proportionate EBITDA of joint ventures. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Even though
it is an indicator used in segment performance measurement, EBITDA is not a
measurement recognized by accounting practices adopted in Brazil or IFRS, it
does not have a standard definition, and may not be comparable with measurements
using similar names provided by other entities. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As required
by IFRS 8, the table below shows the reconciliation of the measurement used by
the chief operating decision maker with the results determined using the
accounting practices:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit
      (loss) for the year</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,615,951</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,267)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation (Note 10 a)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,135,772</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,245,131</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income
      tax and social contribution (Note 15)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>188,624</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(151,153)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance income (cost) (Note 25)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,373,050</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,081,433</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>EBITDA</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,313,397</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,063,144</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other
      operating (expenses) income (Note 24)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,391,551)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>566,639</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity
      in results of affiliated companies</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,160,348)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(331,160)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Proportionate EBITDA of joint
      ventures</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>489,922</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>430,547</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="64%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA (*)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,251,420</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,729,170</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>(*) The
Company discloses its adjusted EBITDA net of its share of investments and other
operating income (expenses) because it understands that these should not be
included in the calculation of recurring operating cash
generation.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>27.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>EMPLOYEE
BENEFITS</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The pension plans granted by the
Company cover substantially all employees. The plans are administered by Caixa
Beneficente dos Empregados da CSN (&#8216;CBS&#8221;), a private non-profit pension fund
established in July 1960 which has as members the employees (and former
employees) of the Company and some subsidiaries who joined the fund through an
agreement, and the employees of CBS itself. The Executive Officers of CBS is
formed by a CEO and two other executive officers, all appointed by CSN, which is
the main sponsor of CBS. The Decision-Making Board is the higher decision-making
and guideline-setting body of CBS, presided over by the president of the pension
fund and made up of ten members, six chosen by CSN in its capacity as main
sponsor of CBS and four elected by the fund&#8217;s participants.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Until December 1995, CBS
Previd&#234;ncia administered two defined benefit plans based on years of service,
salary and Social Security benefits. On December 27, 1995 the then Private
Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new benefit plan,
effective beginning that date, called Mixed Supplementary Benefit Plan (&#8216;Mixed
Plan&#8221;), structured in the form of a variable contribution plan. Employees hired
after that date can only join the new Mixed Plan. In addition, all active
employees who were participants of the former defined benefit plans had the
opportunity to switch to the new Mixed Plan. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter107"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>106</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_108></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>As of December 31, 2015 CBS had
33,065 participants (34,426 as of December 31, 204), of whom 18,430 were active
contributors (19,279 as of December 31, 2014), 13,965 were retired employees
(14,379 as of December 31, 2014), and 670 were related beneficiaries (788 as of
December 31, 2014). Out of the total participants as of December 31, 2015,
12,091 belonged to the defined benefit plan, 14,960 to the mixed plan, 1,595 to
the CBSPrev Namisa plan, and 4,419 to the CBSPrev plan.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The plan assets of CBS are
primarily invested in repurchase agreements (backed by federal government
securities), federal government securities indexed to inflation, shares, loans
and real estate. As of December 31, 2015 CBS held 20,143,031 common shares of
CSN (12,788,231 common shares as of December 31, 2014). The total plan assets of
the entity amounted to R$4.5 billion as of December 31, 2015 (R$4.2 billion as
of December 31, 2014). The administrators of the CBS funds seek to match plan
assets with benefit obligations payable on a long-term basis. Pension funds in
Brazil are subject to certain restrictions regarding their capacity for
investment in foreign assets and, therefore, these funds invest mainly in
Brazilian securities.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Plan Assets are all available
assets and the benefit plans&#8217; investments, not including the amounts of debts to
sponsors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>For the defined benefit plans &#8220;35%
of the average salary&#8221; and &#8220;average salary supplementation plan&#8221;, the Company
holds a financial guarantee with CBS Previd&#234;ncia, the entity that administers
said plans, to ensure their financial and actuarial balance, in the event of any
future actuarial loss or actuarial gain. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>As provided for in the prevailing
law that governs the pension fund market, for the years ended December 31, 2014
and 2015, CSN did not have to pay the installments because the defined benefit
plans posted actuarial gains for the period.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>27.a) Description of the pension
plans </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Plan covering 35% of the average
salary</FONT></U></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>This plan began on February 1, 1966
and is a defined benefit plan aimed at paying pensions (for length of service,
special situations, disability or old age) on a lifetime basis, equivalent to
35% of the adjusted average of the participant&#8217;s salary for the last 12 months.
The plan also guarantees sick pay to participants on Official Social Security
leaves of absence and further ensures payments of savings fund, funeral
allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when
the new supplementary plan based on average salary took
effect.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Average salary supplementation
plan</FONT></U></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>This plan began on November 1, 1977
and is a defined benefit plan aimed at complementing the difference between the
adjusted average of the participant&#8217;s salary for the last 12 months and the
Official Social Security benefit for retirement, also on a lifetime basis. As in
the 35% plan, there is coverage for the benefits of sick pay, death and pension.
This plan was discontinued on December 26, 1995 with the creation of the mixed
supplementary benefit plan.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Mixed supplementary benefit
plan</FONT></U></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>This plan began on December 27,
1995 and is a variable contribution plan. Besides the scheduled retirement
benefit, it also covers the payment of risk benefits (pension paid while the
participant is still working, disability compensation and sick/accident pay).
Under this plan, the retirement benefit is calculated based on the amount
accumulated by the monthly contributions of the participants and sponsors, as
well as on each participant&#8217;s option for the manner in which they receive them,
which can be lifetime (with or without continuity of pension for death) or
through a percentage applied to the balance of the benefit-generating fund (loss
for indefinite period). After retirement is granted, the plan takes on the
characteristics of a defined benefit plan. This plan was discontinued on October
16, 2013 when the CBS Prev plan became effective.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>CBS Prev
Plan</FONT></U></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The new CBS Prev Plan, which is a
defined contribution plan, started on September 16, 2013. Under this plan, the
retirement benefit is determined based on the accumulated amount by monthly
contributions of participants and sponsors. To receive the benefit, each
participant can opt for: (a) receiving part in cash (up to 25%) and the
remaining balance through a monthly income through a percentage applied to the
benefit-generating fund, not being applicable to death pension benefits, or (b)
receive only a monthly income through a percentage applied to the
benefit-generating fund.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>With the creation of the CBS Prev
Plan, the mixed supplementary benefit plan was discontinued for the entry of new
participants as from September 16, 2013.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>27.b) Investment policy
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></I></B></FONT>&nbsp;</P>
<a name="_bclFooter108"></a><DIV>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>107</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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&nbsp; <A name="page_109"></A>

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<IMG border=0 align=right src="iconecsn.jpg">

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The investment policy establishes the principles and guidelines that will govern the investments of funds entrusted to the entity, in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&#8217;s assets and liabilities based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and beneficiaries for each plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The investment plan is reviewed annually and approved by the Decision-Making Board considering a five-year horizon, as established by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution 3,792/09 published by the National Monetary Council (&#8220;CMN&#8221;).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>27.c) Employee benefits</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial statements pursuant to CPC33(R1)/IAS19 -&nbsp; Employee Benefits.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>97,173</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>25,294</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>11,275</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Post-employment healthcare benefits</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>489,074</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>576,480</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>114,443</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>97,173</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>514,368</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>587,755</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The reconciliation of employee benefits&#8217; assets and liabilities is as follows:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Present value of defined benefit obligation</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,430,381</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,508,441</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value of plan assets</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,684,736)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,745,834)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Deficit</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(254,355)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(237,393)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Restriction to actuarial assets due to recovery limitation</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>165,216</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>151,495</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Liabilities (Assets), net</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(89,139)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(85,898)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Liabilities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,294</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,275</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Assets</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(114,433)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(97,173)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net (assets) recognized in the balance sheet</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(89,139)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(85,898)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The movement in the present value of the defined benefit obligation during 2015 is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of obligations at the beginning of the year</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,508,441</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,263,012</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of service</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,807</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>10,114</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest cost</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>293,533</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>255,573</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Benefits paid</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(235,541)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(209,891)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial (gain) / loss</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>( 137,859)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>189,633</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of obligations at the end of the year</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,430,381</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,508,441</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter109"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>108</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_110"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 align=right src="iconecsn.jpg">

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The movement in the fair value of the plan assets during 2015 is as follows:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="32%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value of plan assets at the beginning of the year</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,745,834)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,684,783)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expected return on plan assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(322,460)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(305,469)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Benefits paid</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>235,830</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>209,891</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial gains</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>147,728</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34,527</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value of plan assets at the end of the year</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,684,736)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,745,834)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The amounts recognized in the income statement for the year ended December 31, 2015 are comprised as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of current service</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,807</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>10,114</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest cost</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>293,533</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>255,573</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expected return on plan assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(322,460)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(305,469)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest on the asset ceiling effect</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,422</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,733</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,698)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(49)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total unrecognized costs (*)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total (income) recognized in the income statement</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,702)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(166)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total (income), net (*)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,698)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(49)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: lime"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Effect of the limit of paragraph 58 (b) of CPC33 (R1)/IAS19 - Employee</FONT><I><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Benefits.</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The (cost)/income is recognized in the income statement in other operating expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The movement in the actuarial gains and losses in 2015 is as follows: </FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial losses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,869</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>224,160</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restriction due to recovery limitation</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,208)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(224,099)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,661</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial losses recognized in other comprehensive income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,665</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Unrecognized actuarial (gains) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(117)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total cost of actuarial losses </FONT></B></FONT><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(*)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,661</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Actuarial loss results from the fluctuation in the investments comprised in the CBS&#8217;s asset portfolio. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Breakdown of actuarial gains or losses, required by paragraph 141 of CPC33(R1)/IAS19:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss due to change in demographic assumptions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(6,298) </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss due to change in financial assumptions </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(250,280) </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss due to experience adjustments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,718 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Return on plan assets (less interest income)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>147,729 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="81%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial losses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,869 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The history of actuarial gains and losses is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2013</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of defined benefit obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,430,381</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,508,441</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,263,012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,666,261</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,153,649</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value of plan assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,684,736)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,745,834)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,684,783)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,923,483)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,384,450)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Surplus</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(254,355)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(237,393)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(421,771)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(257,222)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(230,801)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Experience adjustments to plan obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(137,859)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>189,633</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(439,983)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>484,524</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>141,674</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Experience adjustments to plan assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>147,728</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34,527</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(293,159)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>456,393</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(81,038)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main actuarial assumptions used were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="37%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="34%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial financing method</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Projected unit credit</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Projected unit credit</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Functional currency</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Real (R$)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Real (R$)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recognition of plan assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 45pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 45pt; PADDING-TOP: 0in" width="27%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amount used as estimate of equity at the end of the<BR>year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 45pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Best estimate for equity at the end of the fiscal year, obtained based on a projection of the October amounts recorded</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 45pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 45pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Best estimate for equity at the end of the fiscal year, obtained based on a projection of the October amounts recorded</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal discount rate</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13.43%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12.20%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inflation rate</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.70%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.70%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal salary increase rate</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.76%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.76%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal benefit increase rate</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.70%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.70%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Rate of return on investments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13.43%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12.20%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" rowSpan=2 width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General mortality table</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mil&#234;nio Plan and Healthcare Plan: AT 2000 segregated by gender</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mil&#234;nio Plan and Healthcare Plan: AT 2000 segregated by gender</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Disability table</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Light Median</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Disability mortality table</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="37%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Winklevoss - 1%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Winklevoss - 1%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Turnover table</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Millennium plan 5% p.a., nil for DB plans</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Millennium plan 3% p.a., nil for DB plans</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="27%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Retirement age</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100% on the first date he/she becomes eligible for programmed retirement benefit under the plan</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100% on the first date he/she becomes eligible for programmed retirement benefit under the plan</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 39pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 39pt; PADDING-TOP: 0in" width="27%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Household of active participants</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 39pt; PADDING-TOP: 0in" width="37%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95% will be married at the time of retirement, with the wife being 4 years younger than the husband</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 39pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 39pt; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95% will be married at the time of retirement, with the wife being 4 years younger than the husband</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average life expectancy in years of employees who retire at the age of 65, as shown below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="28%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="28%" colSpan=3 noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>BD Plan (*)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mil&#234;nio Plan (*)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>BD Plan (*)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mil&#234;nio Plan (*)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Longevity at age of 65 for current participants</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Male</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20.45 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19.55 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20.45 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19.55 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Female</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23.02 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22.17 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23.02 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22.17 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="42%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Longevity at age of 65 for current participants who are 40</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Male</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42.69 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41.59 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42.69 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41.59 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="42%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Female</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>46.29 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45.30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>46.29 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45.30 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Mil&#234;nio Plan is part of the Mixed Supplementary Benefit Plan.</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>109</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allocation of plan assets:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Variable income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,801</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.96%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,167 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>1.61%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fixed income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,492,324</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>92.83%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,538,297 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>93.59%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,306</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4.63%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>112,900 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.24%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,305</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.58%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>56,470 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.56%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,684,736</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,745,834 </FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Variable-income assets comprise mainly CSN shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fixed-income assets comprise mostly debentures, Interbank Deposit Certificates (&#8220;CDI&#8221;) and National Treasury Notes (&#8220;NTN-B&#8221;).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed supplementary benefit plan, which has defined contribution components, the expense as of December 31, 2015 was R$29,887 (R$31,053 as of December 31, 2014).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the defined contribution plan CBSPrev Namisa, the expense in 2015 was R$1,192 (R$1,637 as of December 31, 2014).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the defined contribution plan CBSPrev, the expense in 2015 was R$4,460 (R$1,959 as of December 31, 2014).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>27.d) Expected contributions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>No contributions are expected to be paid to the defined benefit plans in 2016. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed supplementary benefit plan, which includes defined contribution components, contributions of R$30,498 are forecasted to be paid in 2016. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>27.e) Sensitivity analysis </FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The quantitative sensitivity analysis regarding the significant assumptions for the pension plans as of December 31, 2015 is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="21%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Plan covering 35% of the average salary</FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Average salary supplementation plan</FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="18%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Mixed supplementary benefit plan (Mil&#234;nio Plan) </FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Assumption: Discount rate</FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Sensitivity level</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(69)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(188)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>134</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(945)</FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on present value of obligations</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(11,786)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,640</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(54,702)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>58,756</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(28,598)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,054</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Assumption: Salary growth</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Sensitivity level</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>500</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(425)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on present value of obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,960</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,516)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Assumption: Mortality table</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Sensitivity level</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>399</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(373)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,521</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,418)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on present value of obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,109</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,908)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,903</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(11,099)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Assumption: Benefit adjustment</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Sensitivity level</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.0%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1.0%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.0%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1.0%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.0%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1.0%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(955)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>941</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,849)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,752</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(434)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>432</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="38%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on present value of obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(7,083)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,981</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(28,686)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,964</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,948)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,878</FONT></FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter111"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>110</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_112"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 align=right src="iconecsn.jpg">

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The forecast benefit payments of the defined benefit plans for future years are as follows:</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Forecast benefit payments</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2015</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year 1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>223,969 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year 2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>240,938 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year 3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>251,011 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year 4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>261,150 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year 5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>271,337 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Next 5 years</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,507,452 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total forecast payments</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,755,857 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; BACKGROUND: lime" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>27.f) Post-employment health care plan&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refers to a healthcare plan created on December 1, 1996 exclusively for former retired employees, pensioners, those who received an amnesty, war veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March 20, 1997 and their dependents. Since then, the healthcare plan does not allow the inclusion of new beneficiaries. The plan is sponsored by CSN and administered by Caixa Beneficente dos Empregados da Cia. Sider&#250;rgica Nacional - CBS.&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts recognized in the balance sheet were determined as follows:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>489,074</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>576,480 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>489,074</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>576,480 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The reconciliation of the healthcare benefit liabilities is as follows:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial liability at the beginning of the year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>576,480 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>473,966</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of current service</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>67,620 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>53,707</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sponsor's contributions transferred in prior year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(57,525)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(46,191)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recognition of (gain)/loss for the year </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(97,501)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>94,998</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial liability at the end of the year </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>489,074 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>576,480</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the post-employment healthcare benefit plan, the expense as of December 31, 2015 was R$56,838 (R$54,319 as of December 31, 2014).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial gains and losses recognized in shareholders' equity are as follows:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial gain (loss) on obligation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(97,501)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>94,998 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gain (loss) recognized in shareholders' equity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(97,501)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>94,998 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The history of actuarial gains and losses is as follows:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2013</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of defined benefit obligation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>489,074 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>576,480 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>473,966 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>547,652 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>457,377 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deficit </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>489,074 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>576,480 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>473,966 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>547,652 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>457,377 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="36%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Experience adjustments to plan obligations </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(97,501)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>94,998 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(88,159)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>77,182 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,575 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The weighted average life expectancy based on the mortality table used to determined actuarial obligations is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Longevity at age of 65 for current participants</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Male</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19.55 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19.55 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Female</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22.17 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22.17 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Longevity at age of 65 for current participants who are 40</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Male</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41.59 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41.59 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Female</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45.30 </FONT></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45.30 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial assumptions used for calculating postemployment healthcare benefits were:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0.5pt 0pt 0in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Biometrics</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=red face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=red face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General mortality table</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>AT 2000 segregated by gender</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0pt 0pt 0in" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>AT 2000 segregated by gender</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Turnover</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>N/A</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>n/a</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Household</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actual household</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actual household</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=red face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=red face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=red face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=red face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=red face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=red face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=red face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=red face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=red face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=red face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial nominal discount rate</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13.43%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12.20%</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inflation</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.70%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.70%</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal increase in medical cost based on age</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,23% - 8,87%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.23% - 8.87%</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal medical costs growth rate</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8.87%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8.87%</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Average medical cost</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>515.37 </FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>417.12</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>111</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>27.g) Sensitivity analysis </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans as of December 31, 2015 is as follows:</FONT></FONT></P>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Healthcare Plan</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assumption: Discount rate</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sensitivity level</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-0.5%</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>119</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(159)</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on present value of obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(16,615)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,905</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assumption: Medical Inflation</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sensitivity level</FONT></B></FONT></P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.0%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1.0%</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,449</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,750)</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on present value of obligations</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>40,673</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(35,471)</FONT></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assumption: Mortality table</FONT></B></FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sensitivity level</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.0%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1.0%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on current service cost and on interest on actuarial obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,084)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,184</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="68%">

   <P style="LINE-HEIGHT: 106%; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on present value of obligations</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(22,967)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,708</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The forecast benefit payments of the postemployment healthcare plans for future years are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Forecast benefit payments</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="33%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2015</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Year 1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>49,755</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Year 2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>51,975</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Year 3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>54,141</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Year 4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>56,219</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Year 5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>58,180</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Next 5 years</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>314,470</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total forecast payments</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dbe5f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>584,740</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>28.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GUARANTEES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company is liable for guarantees of its subsidiaries and joint ventures as follows: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Currency</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Maturities</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Borrowings</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Tax foreclosure</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Other</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Transnordestina Log&#237;sitca</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>R$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Up to 19/09/2056 and indefinite</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,544,600</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,451,682</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>39,559</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>38,766</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>5,991</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>5,975</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,590,150</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,496,423</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>FTL - Ferrovia Transnordestina</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>R$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>15/11/2020</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>81,700</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>140,550</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>450</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>142</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>82,150</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>140,692</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Cimentos (*)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>26,423</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>39,776</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>66,199</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Cia Metalurgica Prada</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>R$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Minute 10/02/2016 and indefinite</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>333</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>10,133</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>19,340</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>19,340</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>19,673</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>29,473</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Energia</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>R$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Indefinite</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,829</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,829</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,829</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,829</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Congonhas Min&#233;rios</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>R$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>9/22/2022</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,000,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,000,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,000,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,000,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>R$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Indefinite</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,003</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,003</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,003</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,003</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Estanho de Rond&#244;nia</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>106</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>106</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Outros (**)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>R$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1/1/2016</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Total in R$</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>4,639,303</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>4,593,235</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>42,721</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>78,151</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>25,781</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>65,339</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>4,707,805</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>4,736,725</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Islands IX</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>400,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>400,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Islands XI</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>9/21/2019</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>750,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>750,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>750,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>750,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Islands XII</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Perpetual</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,000,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,000,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,000,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,000,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Resources</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>7/21/2020</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,200,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,200,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,200,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1,200,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Handel</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>100,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>100,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Total in US$</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,950,000</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>3,450,000</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>2,950,000</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>3,450,000</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>CSN Steel S.L.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>EUR</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>1/31/2020</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>120,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>120,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>120,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>120,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Lusosider A&#231;os Planos</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>EUR</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Perpetual</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>25,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>25,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>25,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>25,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Total in EUR</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>145,000</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>145,000</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>145,000</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>145,000</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>Total in R$</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12,135,468</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>9,631,805</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>12,135,468</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>9,631,805</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>16,774,771</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>14,225,040</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>42,721</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>78,151</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>25,781</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>65,339</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>16,843,273</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dce6f1; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 106%; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=arial,sans-serif>14,368,530</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Company incorporated in May 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>(**) Guarantees for the subsidiaries Companhia Metalurgica Prada, Cia Metalic Nordeste, Sepetiba Tecon, Nacional Min&#233;rios, CSN Energia and Ersa.</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT></B></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<a name="_bclFooter113"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face=Arial>112</FONT></P>

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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 lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>COMMITMENTS</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>29.a)
Take-or-pay contracts</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>As of
December 31, 2015 and 2014, the Company was a party to take-or-pay contracts as
shown in the following table:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Payments in the period (in millions of
      R$)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Type of service</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2016</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2017</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2018</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2019</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>After 2019</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Transportation of iron ore,
      coal, coke, steel products, cement<BR>and mining
      products.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>263,266</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>197,646</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>624,459</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>595,951</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>595,951</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>595,951</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,916,115</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>6,328,427</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Unloading, storage, movement,
      loading and railroad<BR>transportation services.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5,570</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Supply of power, natural gas,
      oxygen, nitrogen, argon and<BR>iron ore pellets.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,011,416</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,023,465</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>342,817</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32,205</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32,205</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32,205</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>64,409</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>503,841</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Processing of slag generated
      during pig iron and steel<BR>production</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>49,739</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>104,013</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>18,743</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,507</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,507</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>7,074</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>22,988</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>65,819</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Manufacturing, repair,
      recovery and production of ingot<BR>casting machine
      units.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>40,250</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>127,776</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,885</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,885</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,370,241</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,452,900</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>988,904</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>636,663</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>636,663</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>635,230</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,003,512</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>6,900,972</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>29.b)
Concession agreements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Minimum future payments related to
government concessions as of December 31, 2015 fall due according to the
schedule set out in the following table:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,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: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Concession</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Type of service</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2016</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2017</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2018</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2019</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>After 2019</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 93.85pt">
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>FTL (Ferrovia Transnordestina
      Log&#237;stica)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>30-year concession granted on
      December 31, 1997, renewable for another 30 years, to develop public
      service and operating the railway system in northeastern Brazil. The
      northeastern railway system covers 4238 kilometers of railway network and
      operates in Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio
      Grande do Norte.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,229</FONT></FONT></P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,229</FONT></FONT></P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,229</FONT></FONT></P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,229</FONT></FONT></P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>65,832</FONT></FONT></P></TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 93.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>98,748</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 63.1pt">
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Tecar</FONT></FONT></P></TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Concession to operate the
      TECAR, a solid bulk terminal, one of the four terminals that make up the
      Port of Itaguai, located in Rio de Janeiro. The concession had an
      anticipated renewal and it will expires in 2047.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>125,326</FONT></FONT></P></TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>125,326</FONT></FONT></P></TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>125,326</FONT></FONT></P></TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>125,326</FONT></FONT></P></TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,509,116</FONT></FONT></P></TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 63.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,010,420</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 35.6pt">
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Tecon</FONT></FONT></P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>25-year concession started in
      July 2001, renewable for another 25 years to operate the container
      terminal at the Port of Itaguai.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>27,927</FONT></FONT></P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>27,927</FONT></FONT></P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>27,927</FONT></FONT></P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>27,927</FONT></FONT></P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>181,523</FONT></FONT></P></TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 35.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>293,231</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>161,482</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>161,482</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>161,482</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>161,482</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,756,471</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=center><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,402,399</FONT></B></FONT></P></TD></TR></TABLE></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_115></A>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><IMG border=0 src="iconecsn.jpg" align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>29.c)
Projects and other commitments</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Transnordestina project</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Transnordestina project
includes building 1,753 km of new, next-generation, wide-gauge tracks. The
project posts a 55% progress and completion is estimated for 2017 (completion
period currently under review and discussion with the responsible agencies). The
Company expects that the investments will permit Transnordestina Log&#237;stica S.A.
to transport of several products, such as iron ore, limestone, soy, cotton,
sugarcane, fertilizers, oil, and fuel. The concessionaire of the Transnordestina
project holds the concession through no longer than 2057, and can be terminated
before this date if the minimum return agreed with the Government is reached.
Transnordestina has already obtained the required environmental permits,
purchased part of the equipment, contracted some of the services, and in certain
regions the project is at an advanced implementation stage.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The sources of financing for the
project are: (i) financing granted by Banco do Nordeste/ FNE and the BNDES, (ii)
debentures issued by FDNE, (iii) Permanent Track Use contracts, and (iv)
interest in the capital of CSN and public shareholders. The approved
construction investment is R$7,542,000 and the balance of disbursable funds will
be adjusted using the IPCA as from April 2012. Should additional funds be
required, they will be provided by CSN and/or third parties under Permanent
Track Use contracts. </FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The budget to conclude the project
is under review, currently it is being analyzed by the competent agencies
(shareholders), and it is expected that the reviewed budget will be as follows:
Miss&#227;o Velha-Salgueiro: R$0.4 billion, Salgueiro-Trindade: R$0.7 billion,
Trindade-Eliseu Martins: R$2.4 billion, Miss&#227;o Velha-Porto de Pec&#233;m: R$3
billion, Salgueiro-Porto de Suape: R$4.7 billion, amounting R$ 11.2
billion.</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Company guarantees 100% of
TLSA&#8217;s financing granted by Banco do Nordeste/FNE and the BNDES, and 50.97% of
the debentures issued by FDNE (includes the corporate guarantee of 48.47%, a
collateral letter of 1.25% issued to BNB and the corporate guarantee of 1.25%
pledged to BNB). Under the FDNE charter, approved by Federal Decree 6,952/2009,
and the Investment Agreement entered into with the public shareholders/
financiers, 50% of the debentures should be converted into TLSA shares.
</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>30.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>INSURANCE
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>Aiming to
properly mitigate risk and in view of the nature of its operations, the Company
and its subsidiaries have taken out several different types of insurance
policies. Such policies are contracted in line with the CSN Risk Management
policy and are similar to the insurance taken out by other companies operating
in the same lines of business as CSN and its subsidiaries. The risks covered
under such policies include the following: Domestic Transportation,
International Transportation, Life and Casualty, Health Coverage, Fleet
Vehicles, D&amp;O (Civil Liability Insurance for Directors and Officers),
General Civil Liability, Engineering Risks, naming Risks, Export Credit,
Performance Bond and Port Operator&#8217;s Civil Liability. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In 2015,
after negotiation with insurers and reinsurers in Brazil and abroad, an
insurance policy was issued for the contracting of a policy of Operational Risk
of Property Damages and Loss of Profits, with effect from September 30, 2015 to
September 30, 2016. Under the insurance policy, the LMI (Maximum Limit of
Indemnity) is US$600,000,000 and covers the following units and subsidiaries of
the Company:&nbsp; Presidente Vargas, Congonhas Min&#233;rios, CSN Handel and Namisa
Handel. CSN takes responsibility for a range of retention of US$375 million in
excess of the deductibles for property damages and loss of
profits.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In view of
their nature, the risk assumptions adopted are not part of the scope of an audit
of the financial statements and, accordingly, were not audited by our
independent auditors.</FONT></FONT></P><FONT style="LINE-HEIGHT: 106%" face="times new roman"></FONT>
<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>31.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>ADDITIONAL
INFORMATION TO CASH FLOWS </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>In 2015,
the Company incorporated the subsidiary CSN Cement and realized the drop down of
Casa the Pedra, Tecar, investment in Namisa and MRS assets. Part of the net
assets, shown in note 9, is not included in the statement of cash
flows.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&nbsp;In
addition, the following table provides additional information on transactions
related to the statement of cash flows: </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
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    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution paid </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>134,920
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>98,040
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>120,075
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,470
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Addition to PP&amp;E with
      interest capitalization </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>166,366
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>165,789
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>160,777
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>165,789
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition of fixed assets
      without adding cash</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>566,413</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>566,413</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reduction with no
      cash effect</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>60,038
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalization from advance
      to future capital increase</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,229</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>61,486
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital increase without cash
      effect</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>331,869</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>870,928
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>263,829
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,300,658
      </FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>186,259
      </FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>32.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char" face=Arial,sans-serif>COMPREHENSIVE INCOME STATEMENT</FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent
      Company</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2014</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) Profit for the
      period</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,615,951</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,267)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,<FONT style="FONT-SIZE: 8pt" face=Arial>61</FONT>7,793</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(105,218)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive
      income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Items that will not be
      subsequently reclassified to the statement of
    income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial gains on the
      defined benefit plan from investments in subsidiaries, net of
      taxes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>230</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,221</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(722)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,243</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial (losses) gains on
      defined benefit pension plan</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>92,221</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(95,175)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>93,663</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(95,208)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution on actuarial (losses) gains on defined benefit pension
      plan</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>372</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,360</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(118)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,371</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>92,823</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,594)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>92,823</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,594)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Items that could be
      subsequently reclassified to the statement of
    income</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cumulative translation
      adjustments for the period</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>530,540</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28,227</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>530,540</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28,227</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Available-for-sale
      assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(969,701)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(971,808)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(938,160)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(971,251)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution on available-for-sale assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>174,166</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>330,415</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>163,442</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>330,225</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Available-for-sale assets
      from investments in subsidiaries, net of taxes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,817)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,347</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Impairment of
      available-for-sale assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>555,298</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>205,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>555,298</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>199,372</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution on impairment of available-for-sale
    assets</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,269)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(69,700)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,269)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(67,786)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) gain on percentage
      change in investments</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,980</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(73,754)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,980</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(73,754)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) gain on cash flow
      hedge accounting</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,399,457)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(120,633)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,399,457)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(120,633)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social
      contribution on (loss) gain on cash flow hedge
    accounting</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>117,865</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41,015</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>117,865</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>41,015</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) gain on hedge of net
      investments in foreign subsidiaries</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,148)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) on net investment
      hedge</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,148)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,042,726)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(631,238)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,042,726)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(631,238)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(949,903)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(691,832)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(949,903)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(691,832)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total comprehensive income
      for the period</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>666,048</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(804,099)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>66</FONT>7,<FONT style="FONT-SIZE: 8pt" face=Arial>890</FONT></FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(797,050)</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributable
      to:</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Owners of the
      Company</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>66</FONT>7,890</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(797,050)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>66</FONT>7,<FONT style="FONT-SIZE: 8pt" face=Arial>890</FONT></FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(797,050)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling
      interests</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>(1,842)</FONT></FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,049)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="42%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%"><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>666,048</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(804,099)</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>667</FONT>,<FONT style="FONT-SIZE: 8pt" face=Arial>890</FONT></FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 11.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 106%" align=right><FONT style="LINE-HEIGHT: 106%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(797,050)</FONT></B></FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; Usiminas</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>As of March 2016, the Usiminas&#8217; Board of Directors
approved a capital increase amounting to R$64,882, through the Issuance of
50,689,310 preferred shares. Consequently, on April 22, 2016 CSN exercised its
right of subscription, paying R$11,603 by 9,064,856 preferred shares.
</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Usiminas&#8217; Board of Directors approved in April 2016 an
increase in its share capital amounting to R$1,000,000, through the issuance of
200,000,000 new common shares, with a deadline for exercising the preferential
right to acquire the said shares up to May 23, 2016. On May 20, 2016 the Company
exercised its preferential right of subscription, paying R$178,832 by 35,766,351
common shares. This capital increase was approved in the Extraordinary General
Meeting of Usiminas held on July 19, 2016. The company continues to evaluate
alternatives related to the investment in Usiminas, including additional
purchases of shares.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>On April 28, 2016, CSN elected, for two years term of
office, two fixed and two alternate members in the Usiminas&#8217; Board of Directors
and, for one year term, one fixed and one alternate member in the Usiminas&#8217;
Fiscal Committee. The election was made possible through the flexibility and
exceptional decision from CADE (Administrative Council for Economic Defense) in
relation to the TCD (Performance Commitment Agreement) signed by CSN and the
said Council in</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014. The mentioned decision&#180;s flexibility was approved by
the majority of CADE's Board at the meeting on 27 April 2016.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; Conduct Adjustment Agreement</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>On April 12, 2016 CSN entered into a Conduct Adjustment
Agreement with the Environment Department of the State of Rio de Janeiro, the
Environment Control Commission of the State of Rio de Janeiro and the
Environment Institute of the State of Rio de Janeiro (INEA) comprising the
resolution of all pending environmental issues related to the Presidente Vargas
Steelworks (UPV), thereby ensuring the continuation of its operations. By
September 2017, CSN will invest R$178 million in production process improvements
and will pay R$22 million to INEA to be used in environmental programs in Volta
Redonda region. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; Metalic Discontinued Operations</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Company signed on August 23,
2016 an agreement to sell its subsidiary Cia. Metalic do Nordeste at a base
value of US$98 million, subject to certain adjustments. The closing is dependent
upon certain precedent conditions contractually established as usual in
transactions of this nature. The completion of the sale is expected to occur
during the fourth quarter of 2016.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; CGPar business combination</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>On September 30, 2016 the Company acquired the remaining
50% of equity interest of its joint-venture CGPar. Under this acquisition, the
Company acquired the majority control of CGPar.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">INDEPENDENT AUDITORS&#8217; REPORT ON FINANCIAL STATEMENTS</FONT></U></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">To the Board of Directors and Shareholders of</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.5pt; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">S&#227;o Paulo &#8211; SP</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">We have audited the accompanying individual and consolidated financial statements of Companhia Sider&#250;rgica Nacional (&#8220;the Company&#8221;), identified as Parent and Consolidated, respectively, which comprise the balance sheet as of December 31, 2015, and the related statements of income, comprehensive income, changes in equity and of cash flows for the year then ended, and a summary of significant accounting policies, and other explanatory information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Managements&#8217; responsibility for the financial statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">The Company&#8217;s management is responsible for the preparation&nbsp; and fair presentation of the individual and consolidated financial statements in accordance with accounting practices adopted in Brazil and in accordance with International Financial Reporting Standards &#8211; IFRS, as issued by the International Accounting Standards Board &#8211; IASB, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.5pt; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Auditor&#8217;s Responsibility</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Brazilian and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor&#8217;s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company&#8217;s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Opinion </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In our opinion, the individual
and consolidated financial statements referred to above present fairly, in all
material respects, the individual and consolidated financial position of
Companhia Sider&#250;rgica Nacional as of December 31, 2015, its individual and
consolidated financial performance and its cash flows for the year then ended,
in accordance with accounting practices adopted in Brazil and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">with
International Financial Reporting Standards &#8211; IFRS, as issued by the
International Accounting Standards Board &#8211; IASB.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Emphasis of matter</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><BR></FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Restatement of financial statements </FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have issued our audit report
on March 28, 2016, without modifications, on the Company&#180;s individual and
consolidated financial statements, which are being restated. As described in
note 2.a.b) to the financial statements, the financial statements were adjusted
and are being restated to reflect a change in interpretation in respect to the
application of CPC15 (R1) / IFRS 3 &#8211; &#8220;Business Combination&#8221;, as part of the
business combination of the subsidiary Congonhas Min&#233;rios S.A. Our opinion
remains unqualified.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Restatement of prior year financial
information<BR><BR></FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The individual and consolidated
values, related to the balance sheet as of December 31, 2014 and the statement
of cash flows for the year then ended, presented for comparative purposes, are
being restated due to the matter described in note 2.a.a).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Other
matters</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Statements of value
added</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have also audited the
individual and consolidated statements of value added (&#8220;DVA&#8221;) for the year ended
December 31, 2015, prepared under the responsibility of the Company&#8217;s
Management, the presentation of which is required by Brazilian Corporate Law for
publicly-traded companies, supplemental information for IFRS, which do not
require the presentation of DVA. These statements, which were amended and are
being restated to reflect the adjustments described in note 2.a.b) to the
financial statements, were subject to the same auditing procedures described
above, and, based on our opinion, are fairly presented, in all material
respects, in relation to the financial statements taken as a whole.&nbsp;&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The accompanying individual and
consolidated </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=times>interim financial information </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">has been translated into English
for the convenience of readers outside Brazil.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">S&#227;o Paulo, November 14, 2016</FONT></P>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">DELOITTE TOUCHE
      TOHMATSU</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Gilberto
      Grandolpho</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Auditores
      Independentes</FONT></P></TD>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Engagement
      Partner</FONT></P></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Opinions and Statements / Opinion of the Supervisory Board or Equivalent Body</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif>Date: November 10, 2016, Report No. 135</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif>The Audit Committee, management and the Company&#8217;s independent auditors reviewed the proposal of restatement and voluntary <FONT style="FONT-SIZE: 9pt" face=Arial>republication </FONT>of the Company's Financial Statements for the fiscal year ended December 31, 2015 due to a change in the interpretation of application of the accounting standards CPC15/IFRS3 &#8211; Business Combination. The discussions held by the Company&#8217;s management and its independent auditors related to the accounting procedure to recognize the non-controlling interests of Congonhas Min&#233;rios S.A. in the company&#8217;s consolidated financial statements were reported, as well as the process of audit completion of the Company&#8217;s financial statements as of and for the fiscal year ended December 31, 2015 being restated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif>After reviewing and discussing the audited financial statements and the Annual Management Report, the Audit Committee concluded that the reports mentioned above are, in all relevant aspects, fairly presented and decided to recommend to the Board of Directors that these audited financial statements as of and for the fiscal year ended December 31, 2015 to be restated/republished and submitted to the General Meeting approval </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif>Antonio Bernardo Vieira Maia</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif>Fernando Perrone </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif>Claudia Maria Sarti &#8211; secretary</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>STATEMENT OF DIRECTORS ON THE FINANCIAL STATEMENTS</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As the Executive Directors of the Companhia Siderurgica Nacional, we declare pursuant to Article 25, paragraph 1, item VI of CVM Instruction 480 of December 7, 2009, that we reviewed, discussed and agreed to the Financial Statements ended at December 31, 2015</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>S&#227;o Paulo, November 14, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Benjamin Steinbruch</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>CEO</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Luis Fernando Barbosa Martinez</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>David Moise Salama</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director of Investors Relations</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>F&#225;bio Eduardo de Pieri Spina </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Pedro Gutemberg Quariguasii Netto </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>STATEMENT OF DIRECTORS ON AUDITORS&#180;REPORT</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As the Executive Directors of the Companhia Siderurgica Nacional, we declare pursuant to Article 25, paragraph 1, item V of CVM Instruction 480 of December 7, 2009, that we reviewed, discussed and agreed to the Financial Statements ended at December 31, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>S&#227;o Paulo, November 14, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Benjamin Steinbruch</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>CEO</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Luis Fernando Barbosa Martinez</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>David Moise Salama</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director of Investors Relations</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>F&#225;bio Eduardo de Pieri Spina </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>____________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Pedro Gutemberg Quariguasii Netto </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Director</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<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;November 14, 2016</FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

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   <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>

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   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

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   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

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   <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>Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

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<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>

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<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>
